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House committee hears bipartisan plan to shore up funding for Individual Development Accounts
Summary
Lawmakers and providers urged the House Committee on Housing and Homelessness to pass HB 2735 with a dash-2 amendment to remove an annual cap on IDA matching funds, add a lifetime cap, index the program to inflation and raise the tax-credit cap to $16.5 million to sustain a proven matched-savings program.
The House Committee on Housing and Homelessness on March 26 heard testimony supporting House Bill 2735 (dash-2), a bill that sponsors and program administrators say will stabilize funding for Oregon’s Individual Development Account (IDA) program.
Committee staff summarized the dash-2 amendment as removing the annual cap on matching funds, establishing a state-directed total amount deposited as matching funds into individual development accounts and increasing the annual tax-credit cap for donations to fiduciary organizations that support IDAs to $16,500,000.
Sen. Suzanne Weber, who said she represents District 16 in the Oregon Senate, described the bill as a bipartisan effort to “make important changes” to the IDA program. “IDAs are so important to every part of Oregon,” Weber said,…
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