MS SB2855

Creates the "Family Empowerment Initiative" establishing individual development accounts (IDAs) for Mississippi residents with household income at or below 185% of federal poverty level and net worth not exceeding $10,000

Provides 3:1 matching funds from fiduciary organizations (up to $2,000 per account holder or $4,000 per household) and allows Department of Human Services to contribute up to $500,000 in aggregate TANF funds with 1:1 matching for TANF recipients

Permits IDA funds to be used for first-time home purchases or major repairs, postsecondary education expenses, business capitalization, automobile purchases for work/school, and assistive technology for people with disabilities

Requires account holders to complete financial literacy education, save for minimum six months, and reach savings goals before accessing matching funds; withdrawals for unauthorized purposes result in program removal and loss of matching funds

Excludes IDA deposits, matching funds, and qualified withdrawals from gross income for state tax purposes and from asset/income calculations for means-tested public benefits programs