HB 2244 Summary

• Reactivates the individual development account (IDA) contribution income tax credit for taxable years beginning after December 31, 2020 through December 31, 2025.

• Expands qualified expenditures for IDAs to include costs for renting a dwelling, public transportation, and purchasing or repairing a motor vehicle, in addition to existing uses for homeownership, post-secondary education, vocational training, and small business development.

• Increases the income eligibility threshold for IDA account holders from 80 percent to 100 percent of area household median income.

• Increases the state matching contribution limit from $100,000 per calendar year to $100,000 per qualified fiduciary organization per year, and allows up to 20 percent (increased from 10 percent) of state funds to cover administrative costs.

• Appropriates general revenues to the Department of Human Services for fiscal year 2020-2021 to implement the program (specific amount left blank in bill text).