HB 334 Summary

• Expands income eligibility for individual development accounts from 80% to 100% of area median household income

• Adds three new qualified expenditure categories: costs for renting a dwelling, using public transportation, and purchasing or repairing a motor vehicle

• Increases administrative cost allowance for fiduciary organizations from 10% to 20% of state funds appropriated in any given year

• Reactivates the individual development account tax credit for taxable years 2020-2024 (previously expired after 2004)

• Modifies state matching fund procedures to require fiduciary organizations maintain match funds in a separate account rather than depositing directly to individual accounts