House Bill 69 Summary

• Establishes Individual Development Accounts (IDAs) for low-income Mississippi residents to accumulate assets for home ownership, microenterprise development, education, and family stabilization.

• Requires Department of Human Services to contract with nonprofit fiduciary organizations to administer IDAs; eligible individuals must have household income not exceeding 200% of federal poverty level and net worth under $10,000 (excluding primary home and one vehicle).

• Provides 3-to-1 matching funds ($3 per $1 contributed) up to $2,000 per account holder or $4,000 per household annually; fiduciary organizations must use at least 70% of contract funds for matching contributions and no more than 30% for operating costs (with 10% cap on administrative costs).

• Creates special "Individual Development Account Trust Fund" in state treasury using Transitional Employment Assistance Program funds to support the program.

• Amends Mississippi income tax code to exempt interest and dividends earned on IDAs and matching funds from gross income for state tax purposes.