NY A01425

Establishes "Personal Development Account Programs" under New York Banking Law Article 7, known as the "Savings for Working Families Act," to help low-income individuals build assets through matched savings accounts.

Allows eligible individuals (at least 18 years old, New York domicile, household income not exceeding 80% of area median income) to open personal development accounts and receive dollar-for-dollar matching funds up to $500 annually in parallel accounts held by qualified financial institutions or not-for-profit organizations.

Permits account withdrawals for qualified expenses including higher education costs, first-time home buyer expenses, business capitalization costs, and account rollovers; individuals forfeiting matching funds by early non-qualified withdrawals may recapture them if recontributed within 180 days.

Requires account holders to complete a financial education course before withdrawing matching funds and mandates annual reporting to the Secretary of State on account activity, participant numbers, contributions, and withdrawal purposes.

Exempts parallel account funds from income calculations for means-tested state assistance programs and allows eligible individuals to designate earned income tax credit overpayments for deposit into personal development accounts.