MS HB429

Creates the Family Empowerment Initiative to establish 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.

Authorizes the Mississippi Development Authority to contract with fiduciary organizations (nonprofits, credit unions, community development financial institutions) to administer IDAs and provide matching funds of $3 for every $1 deposited by account holders, capped at $2,000 per individual or $4,000 per household annually.

Permits IDA withdrawals for qualified purposes including postsecondary education, home purchase or repairs, business capitalization, automobile purchase, assistive technology, and qualified emergencies; unauthorized withdrawals result in account closure and penalties.

Provides a state income tax credit equal to 50% of matching funds contributed by taxpayers to fiduciary organizations, limited to $25,000 per year with carryforward of unused credits for three years; total annual credits capped at $100,000.

Excludes IDA deposits, interest, and qualified withdrawals from gross income for state tax purposes and exempts account funds from asset calculations for means-tested public benefits eligibility.