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Committee hears public testimony on SB 465 to remove annual cap on IDA matching funds and replace with lifetime cap
Summary
Senate Bill 465 would remove the $6,000 per-year state matching cap for Individual Development Accounts (IDAs) and replace it with a $20,000 lifetime match (adjusted for inflation). Sponsors and community providers testified in favor; committee closed the public hearing without a vote.
The Senate Committee on Human Services on Feb. 4 held a public hearing on Senate Bill 465, which would remove the current annual state matching limit of $6,000 for Individual Development Accounts (IDAs) and replace it with a $20,000 lifetime maximum, adjusted annually for inflation.
Senator Suzanne Weber (sponsor) and Representative Ricky Ruiz, the bill's co-sponsor, told the committee that the change would allow savers more flexibility to reach…
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