2005 Senate Bill 640 ↩

House Roll Call 1271: Passed

To create an “individual or family development account” program, in which a non-profit organization could manage tax exempt accounts of up to $5,000 for a low income person or family, with the beneficiary matching the deposits with money or volunteer work. The accounts could be used by the beneficiary for qualified education, home acquisition or repair, or business start-up expenses. Senate Bills 640 and 641 authorize tax credits for individuals or businesses that contribute money for such accounts. The contributor could not be the account holder (beneficiary).