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Committee advances bill to raise Individual Development Account matching cap to $20,000; Hartman declares conflict
Summary
The committee voted to move Senate Bill 465A to the House floor with a due-pass recommendation; the bill removes an annual match limit and sets a $20,000 per-ID A matching cap. Chair Hartman declared a conflict and the bill was assigned to Rep. Ruiz as carrier.
The House Committee on Early Childhood and Human Services voted April 24 to send Senate Bill 465A to the floor with a due-pass recommendation. The bill removes an annual limit on matching funds that may accrue in an Individual Development Account (IDA) and replaces it with a per-account maximum of $20,000 in matching funds.
At the work session, committee staff summarized the bill: "House bill 4 or Senate Bill 465A removes the annual limit on matching funds that may accrue in an individual development account and replaces it with a maximum limit of $20,000 in matching funds that may be accrued in an IDA. There is no revenue impact and no fiscal impact and no subsequent referral or amendment," the summary said.
Vice Chair Sharp moved the bill to the floor with a due-pass recommendation. Chair Hartman declared a conflict of interest on the record before the roll-call vote, stating she oversees a program in her other job that oversees the IDA program. She said she wanted to note that lifting the cap could change deliverables for fiduciary organizations and asked agencies to account for the change.
Roll call: Representative Elmer ' Aye; Representative Javy ' Aye; Representative McIntyre ' Yes; Representative Noss ' Yes; Representative Ruiz ' Excused; Representative Walters ' Aye; Vice Chair Winn ' Excused; Vice Chair Sharp ' Aye; Chair Hartman ' Aye. The committee recorded the motion as passing and assigned Representative Ruiz as the bill carrier.
Why it matters: The change alters the way matching funds can accumulate in IDAs from an annual cap to a single-account cap of $20,000, which may shift how program administrators allocate funds and the number of participants served for high-cost outcomes such as home purchase.
Next steps: SB 465A will go to the House floor for further consideration; Representative Ruiz was named carrier.
