Mississippi Senate Bill 2589 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on June 3 2020 - 100% progression
Action: 2020-06-03 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Create The Family Empowerment Initiative; To Authorize The Creation Of Individual Development Accounts For Low-income Individuals That May Be Utilized By The Account Holder For Certain Purposes; To Authorize The Department Of Human Services To Contract With Fiduciary Organizations To Serve As Intermediaries Between Individual Development Account Holders And Financial Institutions Holding Account Funds; To Provide That The Gross Household Income Of Individual Retirement Account Holders May Not Exceed 185% Of The Poverty Level And The Account Holder's Net Worth May Not Exceed $10,000.00; To Require Individuals Opening An Individual Development Account To Enter Into An Agreement With A Fiduciary Organization; To Provide That The Fiduciary Organization Shall Provide Matching Funds For Amounts Contributed To The Individual Development Account By The Individual Development Account Holder; To Limit The Amount Of Matching Funds That May Be Provided For An Individual Development Account; To Provide The Purposes For Which Individual Development Accounts May Be Utilized; To Provide Civil Penalties For The Withdrawal Of Individual Development Account Funds For Purposes Other That Those Authorized Under This Act; To Require Fiduciary Organizations To Make Quarterly Reports To The Department Of Human Services Containing Certain Information; To Provide That Funds Deposited In An Individual Development Account Shall Not Be Counted As Income, Assets Or Resources Of The Individual In Determining Financial Eligibility For Assistance Or Services Pursuant To Any Federal, Federally Assisted, State Or Municipal Program Based On Need; To Authorize A Credit Against State Income Tax Liability For Taxpayers Who Contribute Matching Funds To A Fiduciary Organization; To Limit The Amount Of Such Credit; To Amend Section 27-7-15, Mississippi Code Of 1972, To Exclude From Gross Income Interest Or Dividend Earned On An Individual Development Account And Any Money Withdrawn From An Individual Development Account That Is Used For A Qualified Purpose; And For Related Purposes.

Individual development accounts; authorize for certain low-income individuals.

Sen. John Horhn [D]

Date	Chamber	Action
2020-06-03	Senate	Died In Committee
2020-02-17	Senate	Referred To Finance

Type	Source
Summary	https://billstatus.ls.state.ms.us/2020/pdf/history/SB/SB2589.xml
Text	https://billstatus.ls.state.ms.us/documents/2020/html/SB/2500-2599/SB2589IN.htm