SB 2484 Summary

• 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 serve as intermediaries managing IDAs and providing matching funds at a 3:1 ratio, capped at $2,000 per individual or $4,000 per household annually.

• Permits IDA funds to be used for qualified purposes including postsecondary education, home purchase or repair, small business capitalization, automobile purchase, assistive technology, and authorized emergency withdrawals.

• Allows taxpayers who contribute matching funds to fiduciary organizations to claim a state income tax credit equal to 50% of contributions, limited to $25,000 per year with a statewide annual cap of $100,000 in total credits.

• Excludes IDA deposits, earnings, and qualified withdrawals from gross income for tax purposes and protects IDA funds from being counted as assets in determining eligibility for means-tested public benefits.