MS SB2634

Creates Individual Development Accounts (IDAs) for low-income Mississippi residents with household income at or below 185% of the federal poverty level and net worth under $10,000 (excluding primary home and one vehicle)

Provides 2:1 matching funds for account holder deposits, with matching capped at $2,000 per individual or $4,000 per household; account holders must save for minimum 6 months and complete financial literacy education

Authorizes use of IDA funds for first-time home purchases or major home repairs, postsecondary education, vocational training, business capitalization, automobile purchases, and assistive technology for people with disabilities

Allocates $1,000,000 from Temporary Assistance to Needy Families (TANF) funds through the Department of Human Services for matching contributions

Protects IDA funds from being counted as income or assets when determining eligibility for means-tested public benefits including Medicaid, TANF, SNAP, and housing assistance