SB 2433 Summary

• Creates the Family Empowerment Initiative authorizing individual development accounts (IDAs) for low-income Mississippi residents with gross household income not exceeding 185% of federal poverty level and net worth under $10,000.

• Establishes matching fund mechanism where fiduciary organizations (nonprofits, credit unions, community development financial institutions) provide $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 qualified purposes including postsecondary education, home purchase or repair, small business capitalization, automobile purchase, assistive technology for disabilities, and emergency withdrawals (with 12-month repayment requirement).

• Provides state income tax credit equal to 50% of matching funds contributed by taxpayers, limited to $25,000 annually per taxpayer and $100,000 total per calendar year, with three-year carryforward.

• Excludes IDA deposits, matching funds, and interest earned from counting as income or assets for determining eligibility for means-tested public benefits including Medicaid, TANF, and SNAP.