SB 2269 Summary

• Establishes the Family Empowerment Initiative to create Individual Development Accounts (IDAs) for low-income Mississippi residents with gross household income not exceeding 185% of federal poverty level and net worth not exceeding $10,000.

• Account holders can use accumulated savings and matching funds (3:1 match up to $2,000 per person/$4,000 per household) for postsecondary education, home purchase, business capitalization, automobile purchase, home repairs, and assistive technology for people with disabilities.

• Department of Human Services contracts with fiduciary organizations (nonprofits, credit unions, community development financial institutions) to administer accounts; fiduciary organizations must allocate at least 70% of funds to matching contributions and no more than 30% to operating and administrative costs.

• Account holders who withdraw funds for non-approved purposes lose matching funds and may be removed from program; emergency withdrawals permitted if reimbursed within 12 months.

• Taxpayers contributing matching funds receive state income tax credit equal to 50% of matching contributions, capped at $25,000 annually; deposits and matching funds excluded from means-tested benefit eligibility calculations.