MS HB1571

Creates the Mississippi Savings 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 Department of Banking and Consumer Finance to contract with fiduciary organizations (nonprofits, credit unions, community development financial institutions) to administer IDAs and provide matching funds at a rate of $3 for every $1 contributed by account holders, capped at $2,000 annual deposits.

Permits IDA funds to be used for qualified purposes including postsecondary education, home purchase or repair, small business capitalization, automobile purchase, and assistive technology for people with disabilities; emergency withdrawals allowed with 12-month repayment requirement.

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 a $3 million annual cap on total credits and 3-year carryforward period.

Excludes IDA deposits, interest, and qualified withdrawals from gross income for state tax purposes and shields account balances from counting as income or assets for means-tested public benefits eligibility.