HB 334 Summary

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

• Adds rental housing costs, public transportation costs, and motor vehicle purchase/repair costs as allowable uses of account funds alongside existing uses of homeownership, education, and small business development.

• Increases allowable administrative costs for fiduciary organizations from 10% to 20% of state funds appropriated annually.

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

• Appropriates unspecified general revenue funds for fiscal years 2019-2020 and 2020-2021 to the department of human services for program implementation.