1. Short title This Act may be cited as the Disaster Savings Accounts Act of 2017 . 2. Deduction for contributions to disaster savings accounts (a) In general Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to additional itemized deductions for individuals) is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section: 224. Disaster savings accounts (a) Deduction allowed In the case of a eligible individual, there shall be allowed as a deduction for the taxable year an amount equal to the aggregate amount paid during such taxable year by or on behalf of such individual to a disaster savings account of such individual. (b) Limitation (1) In general The amount allowed as a deduction under subsection (a) to an individual for the taxable year shall not exceed $5,000. (2) Partial year of eligibility In the case of an individual who is an eligible individual for only a portion of the taxable year, the limitation under paragraph (1) shall be same proportion of $5,000 as such portion bears to the entire taxable year. (c) Eligible individual For purposes of this section, the term eligible individual means any individual if such individual occupied any residence in the United States at any time during the taxable year. (d) Disaster savings account For purposes of this section— (1) In general The term disaster savings account means a trust created or organized in the United States as a disaster savings account exclusively for the purpose of paying the qualified disaster expenses of the account beneficiary, but only if the written governing instrument creating the trust meets the following requirements: (A) Except in the case of a rollover contribution described in subsection (f)(5), no contribution will be accepted— (i) unless it is in cash, or (ii) to the extent such contribution, when added to previous contributions to the trust for the calendar year, exceeds the dollar limitation in effect under subsection (b). (B) The trustee is