SB 2113 Summary: Family Empowerment Act

• Creates Individual Development Accounts (IDAs) for low-income Mississippi residents with gross household income not exceeding 200% of federal poverty level and net worth not exceeding $10,000.

• Fiduciary organizations (nonprofit 501(c)(3) entities) serve as intermediaries and provide 3-to-1 matching funds on participant contributions, capped at $2,000 per individual or $4,000 per household annually.

• Accounts may be used for home purchases, small business capitalization, postsecondary education, retirement savings, and vehicle purchases, with federal TANF funds limited to first three purposes only.

• Mississippi Development Authority contracts with fiduciary organizations and provides up to $1,000,000 from the Emerging Crops Fund for matching contributions.

• Taxpayers contributing matching funds receive a state income tax credit equal to 50% of contributions, limited to $25,000 per year with a maximum $100,000 in total credits statewide annually.