House Bill 448

AN ACT TO BE KNOWN AS THE FAMILY SAVINGS INITIATIVE ACT; TO PROVIDE FOR THE ESTABLISHMENT OF INDIVIDUAL DEVELOPMENT ACCOUNTS DESIGNED TO PROVIDE INDIVIDUALS AND FAMILIES WITH LIMITED MEANS AN OPPORTUNITY TO ACCUMULATE ASSETS, FACILITATE AND MOBILIZE SAVINGS, PROMOTE HOME OWNERSHIP, MICROENTERPRISE DEVELOPMENT, AND EDUCATION, AND STABILIZE FAMILIES AND BUILD COMMUNITIES; TO PROVIDE THAT THE DEPARTMENT OF HUMAN SERVICES SHALL ENTER INTO CONTRACTS WITH FIDUCIARY ORGANIZATIONS TO CARRY OUT THE PROVISIONS OF THIS ACT; TO AUTHORIZE STATE RESIDENTS TO OPEN AN INDIVIDUAL DEVELOPMENT ACCOUNT UPON APPROVAL OF A FIDUCIARY ORGANIZATION; TO PROVIDE THAT THE FIDUCIARY ORGANIZATION SHALL APPROVE THE APPLICATION ONLY IF CERTAIN CRITERIA ARE MET; TO SPECIFY THE QUALIFIED PURPOSES FOR WHICH INDIVIDUAL DEVELOPMENT ACCOUNTS MAY BE USED; TO AUTHORIZE THE CONTRIBUTION OF MATCHING FUNDS TO FIDUCIARY ORGANIZATIONS FOR INDIVIDUAL DEVELOPMENT ACCOUNTS; TO REQUIRE FIDUCIARY ORGANIZATIONS TO SUBMIT QUARTERLY REPORTS TO THE DEPARTMENT OF HUMAN SERVICES; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO CONSIST OF TRANSITIONAL EMPLOYMENT ASSISTANCE FUNDS, WHICH SHALL BE USED FOR THE PURPOSES OF THIS ACT; TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM GROSS INCOME FOR STATE INCOME TAX PURPOSES INTEREST AND DIVIDENDS EARNED ON INDIVIDUAL DEVELOPMENT ACCOUNTS AND MATCHING FUNDS DEPOSITED INTO THOSE ACCOUNTS; AND FOR RELATED PURPOSES.

In the House of Representatives

• John W. Hines, Sr.

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Feb 8 – Feb 23

1. Feb 8Referred to the House committee on Banking and Financial Services
2. Feb 23Died in committee in the House