Bill Text | History of Actions | Background | Title |
Description: Individual development accounts; create and provide a tax credit for contributions to.
Bill Text: [Introduced]
| 1 | 03/01/00 | (S) | Referred To Finance | |
| 2 | 03/29/00 | (S) | Died In Committee |
| Effective date | July 1, 2000 | |
| Disposition | Dead | |
| Deadline | Revenue/Appropriation | |
| Revenue | Yes | |
| 3/5ths vote required | Yes |
Senate Committee:
Principal Author: Furniss
Title: AN ACT TO PROVIDE FOR THE ESTABLISHMENT OF INDIVIDUAL DEVELOPMENT ACCOUNTS WITH COMMUNITY DEVELOPMENT CORPORATIONS BY CERTAIN QUALIFYING INDIVIDUALS; TO REQUIRE THAT BENEFICIARIES MUST BE NAMED FOR SUCH ACCOUNTS AND TO PROVIDE THAT ONLY ONE MEMBER OF EACH HOUSEHOLD MAY ESTABLISH SUCH AN ACCOUNT; TO GIVE COMMUNITY DEVELOPMENT CORPORATIONS CERTAIN POWERS AND DUTIES WITH REGARD TO SUCH ACCOUNTS; TO PROVIDE FOR CERTAIN PAYMENTS TO SUCH ACCOUNT FOR DEPOSITS MADE BY AN INDIVIDUAL; TO REQUIRE COMMUNITY DEVELOPMENT CORPORATIONS TO ESTABLISH AN INDIVIDUAL ACCOUNT FUND TO PROVIDE MONEY TO FINANCE ADDITIONAL INDIVIDUAL DEVELOPMENT ACCOUNTS UNDER THIS ACT; TO REQUIRE COMMUNITY DEVELOPMENT CORPORATIONS TO ENCOURAGE CONTRIBUTIONS TO SUCH FUND; TO LIMIT THE NUMBER OF INDIVIDUAL DEVELOPMENT ACCOUNTS THAT MAY BE ESTABLISHED; TO REQUIRE AN INDIVIDUAL TO RECEIVE AUTHORIZATION FROM THE COMMUNITY DEVELOPMENT CORPORATION BEFORE WITHDRAWING MONEY FROM THE ACCOUNT; TO PROVIDE THAT MONEY WITHDRAWN FROM AN ACCOUNT SHALL NOT BE SUBJECT TO STATE INCOME TAXATION IF IT IS USED TO PAY CERTAIN EDUCATIONAL COSTS, TO PAY THE COST OF CERTAIN TRAINING PROGRAMS, TO PURCHASE A RESIDENCE OR TO PURCHASE A BUSINESS; TO PROVIDE THAT MONEY IN AN ACCOUNT SHALL NOT BE CONSIDERED AN ASSET WHEN DETERMINING AN INDIVIDUAL'S ELIGIBILITY FOR TEMPORARY ASSISTANCE TO NEEDY FAMILIES; TO PROVIDE A STATE INCOME TAX CREDIT FOR CERTAIN AMOUNTS CONTRIBUTED TO INDIVIDUAL DEVELOPMENT ACCOUNT FUNDS ESTABLISHED BY COMMUNITY DEVELOPMENT CORPORATIONS; AND FOR RELATED PURPOSES.
End Of Document
2000/html/History/SB/SB3217.htm