SB 3008 Summary

• Creates the Mississippi Savings Initiative to establish Individual Development Accounts (IDAs) for low-income residents with gross household income not exceeding 185% of federal poverty level and net worth not exceeding $10,000.

• Fiduciary organizations approved by the Mississippi Development Authority provide 3-to-1 matching funds (capped at $2,000 per account or $4,000 per household) for eligible deposits up to $2,000 annually.

• IDA funds may be used for postsecondary education, home purchase or repair, business capitalization, automobile purchase, assistive technology for disabilities, and qualified emergencies.

• Excludes IDA deposits, matching funds, and interest from counting as income or assets for determining eligibility for means-tested public benefits and state income tax purposes.

• Authorizes a state income tax credit for taxpayers contributing matching funds to fiduciary organizations, equal to 50% of contributions with maximum annual credit of $25,000 and aggregate cap of $100,000 per calendar year.