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Bipartisan bill would raise tax‑credit cap for Individual Development Accounts to widen enrollment; nonprofits urge passage
Summary
Representative Ricky Ruiz and IDA providers told the Revenue Committee that raising the IDA tax‑credit cap from $7.5 million to $16.5 million would restore program capacity and avoid repeated ad hoc general‑fund supplements; several community organizations and a large credit union testified in support.
Representative Ricky Ruiz told the House Committee on Revenue on April 22 that House Bill 2,735 A would increase the annual cap on state tax credits that fund Individual Development Accounts (IDAs) from $7.5 million to $16.5 million, restoring capacity the sponsors say has been eroded by inflation and rising costs.
"Raising the tax credit cap to $16,500,000 will return this essential program to solid, sustainable financial ground," Representative Ruiz said. He said the IDA program, which matches savings for home purchase, business starts, postsecondary education and other…
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