HB 448 Summary

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

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

• Provides 3-to-1 matching funds ($3 for every $1 contributed) capped at $2,000 per account holder or $4,000 per household, with fiduciary organizations required to allocate at least 70% to matching funds and no more than 30% to operating costs.

• Qualifies IDA funds for home purchase, home improvements, business capitalization, postsecondary education, and emergency withdrawals; fiduciary organizations must submit quarterly reports to the Department of Human Services.

• Exempts interest and dividends earned on IDAs and matching funds from Mississippi state income tax and creates an Individual Development Account Trust Fund using Transitional Employment Assistance Program funds.