Bill Text | History of Actions | Background | Title |
Description: Individual development accounts; authorize for low-income individuals.
Bill Text: [Introduced]
| 1 | 01/16 (S) Referred To Finance | |
| 2 | 01/31 (S) Died In Committee |
| Effective date | July 1, 2006 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
Senate Committee:
Principal Author: Jackson (11th)
Additional Author: Thomas
Code Section: A 027-0007-0015
Title: AN ACT TO ESTABLISH AN INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM IN THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO AUTHORIZE CERTAIN PERSONS WITH LOW INCOMES TO ENTER INTO AGREEMENTS DEVELOPED WITH A FIDUCIARY ORGANIZATION FOR THE ESTABLISHMENT OF AN INDIVIDUAL DEVELOPMENT ACCOUNT; TO REQUIRE THE AGREEMENT TO PROVIDE FOR THE AMOUNT OF SAVINGS DEPOSITS, MATCH FUND RATES, ASSET GOALS AND FINANCIAL LITERACY EDUCATION CLASSES TO BE COMPLETED, ADDITIONAL TRAINING SPECIFIC TO THE ASSET, AND FINANCIAL COUNSELING THE INDIVIDUAL WILL ATTEND, AS WELL AS OTHER SERVICES DESIGNED TO INCREASE THE FINANCIAL INDEPENDENCE OF THE PERSON; TO PROVIDE THAT THE FUNDS IN THE ACCOUNT SHALL BE MATCHED UNDER CERTAIN CIRCUMSTANCES; TO PROVIDE THAT MONEY MAY BE WITHDRAWN FROM THE ACCOUNT FOR CERTAIN QUALIFIED PURPOSES; TO ALLOW MONEY TO BE WITHDRAWN FROM THE ACCOUNT IN THE EVENT OF CERTAIN EMERGENCIES AND PROVIDE FOR THE REIMBURSEMENT OF THE ACCOUNT IF MONEY IS WITHDRAWN FOR EMERGENCIES; TO REMOVE A PERSON FROM THE PROGRAM IF MONEY IS WITHDRAWN FOR OTHER PURPOSES; TO REQUIRE THE ACCOUNT HOLDER TO FULFILL CERTAIN REQUIREMENTS BEFORE THE WITHDRAWAL OF MONEY FROM THE ACCOUNT; TO PROVIDE THAT MONEY DEPOSITED IN THE ACCOUNT SHALL NOT BE GROSS INCOME FOR INCOME TAX PURPOSES; TO PROVIDE THAT MONEY WITHDRAWN FROM THE ACCOUNT FOR QUALIFIED PURPOSES SHALL NOT BE CONSIDERED GROSS INCOME FOR INCOME TAX PURPOSES; TO PROVIDE FOR THE SELECTION OF FIDUCIARY ORGANIZATIONS TO ADMINISTER THE PROGRAM; TO PROVIDE FOR THE DUTIES OF FINANCIAL INSTITUTIONS HOLDING INDIVIDUAL DEVELOPMENT ACCOUNTS; TO PROVIDE THAT AN ACCOUNT OWNERS SAVINGS AND MATCHING FUNDS SHALL NOT AFFECT HIS OR HER ELIGIBILITY FOR ANY MEANS-TESTED PUBLIC BENEFITS; TO AUTHORIZE AN INCOME TAX CREDIT FOR DONATIONS MADE BY A CHARITABLE DONOR TO THE INDIVIDUAL DEVELOPMENT ACCOUNT FUND OR ON BEHALF OF AN INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM OR OWNER IN THIS STATE; TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.
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2006/html/History/SB/SB2824.htm