MS HB11

Creates 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 to help build savings for qualified asset purchases.

Authorizes Mississippi Development Authority to contract with fiduciary organizations (nonprofits, community development financial institutions, credit unions) to serve as intermediaries, providing $3 in matching funds for every $1 contributed by account holders, capped at $2,000 per individual or $4,000 per household annually.

Permits IDA funds to be used for postsecondary education, vocational training, first-time home purchases or home repairs, small business capitalization, vehicle purchases for employment/education, assistive technology for disabled individuals, and qualified emergency withdrawals.

Requires account holders to complete financial literacy education and save for minimum of 6 months before accessing matching funds; imposes penalties and program removal for unauthorized withdrawals.

Provides state income tax credit equal to 50% of matching fund contributions (capped at $25,000 per year), excludes IDA deposits and qualified withdrawals from gross income, and exempts IDA funds from means-tested public benefit eligibility calculations.