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Bill would remove annual limit on IDA matching funds; advocates press legislature to fix program funding
Summary
Senator Suzanne Weber and co-chief sponsor Representative Ricky Ruiz told the House Committee on Early Childhood and Human Services on April 15 that Senate Bill 465A would remove the $6,000 annual cap on state IDA matching funds and instead establish a lifetime cap of $20,000 so savers can access allocated match funds sooner.
Senator Suzanne Weber, representing Senate District 16, told the House Committee on Early Childhood and Human Services on April 15 that Senate Bill 465A would remove the current annual limit on state matching funds for Individual Development Accounts (IDAs) and instead set a lifetime cap of $20,000 per saver.
"This bill makes changes to fix these limits, making IDAs even more useful," Weber said at the committee hearing. Sponsors and multiple providers said the statutory change would give savers greater flexibility without raising program costs; the Legislative Fiscal Office (LFO) was cited in testimony as saying the bill itself would have no fiscal impact.
Under current practice, providers match savers' deposits and a typical match formula can reach as much as $5 for every $1 a saver contributes, subject to provider allocation and the program's limits. Witnesses said the statutory change would transfer an…
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