CT HB06145

Expands eligible uses of Individual Development Accounts to allow account holders to pursue multiple purposes (education/job training, home purchase, entrepreneurship, automobile purchase, lease deposits, or dependent child education) rather than limiting to one purpose.

Increases income eligibility threshold from 80 percent to 200 percent of area median household income for individuals to participate in certified state IDA programs.

Modifies matching fund provisions to allow forfeited funds from account holders who leave the program to be retained in local reserve funds for new account holders, with unused funds returned to the state at the close of the grant period.

Extends the timeframe for matching funds to be used from unspecified to five years after account establishment, with provisions for up to two-year leave of absence or extension periods.

Appropriates $100,000 from the Banking Fund to the Labor Department for fiscal year 2014 to support the Connecticut IDA Initiative.