Introduced
by
To raise to $5,000 the amount a welfare recipient may accumulate in an “an individual development account” to be used for a first home purchase downpayment. The bill would expand the eligible uses of the accounts to include post-secondary education and business capitalization. Under current law, assets in such an account are disregarded for purposes of determining welfare eligibility. The bill would authorize the Family Independence Agency to increase the $5,000 cap.
Referred to the Committee on Families and Childrens Services
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that also expands the eligible uses of the accounts to include post-secondary education and business capitalization.
The substitute passed by voice vote
Passed in the House 105 to 0 (details)
Referred to the Committee on Families and Human Services
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
To raise to $5,000 the amount a welfare recipient may accumulate in an “an individual development account” to be used for a first home purchase downpayment. The bill would expand the eligible uses of the accounts to include post-secondary education and business capitalization. Under current law, assets in such an account are disregarded for purposes of determining welfare eligibility. The bill would authorize the Family Independence Agency to increase the $5,000 cap.
