Bill > S628

This bill aims to promote economic mobility through matched savings. It establishes a Matched Savings Trust Fund to be administered by the Secretary of Housing and Economic Development. The bill allows eligible low-income households to open matched-savings accounts, where the fiscal intermediary (a nonprofit organization) will match the household's deposits at a 4-to-1 ratio, up to a total of $20,000 per account. The funds can be used for approved purposes such as education, home ownership, small business capitalization, and retirement savings. The bill also creates a Massachusetts Matched Savings Tax Credit, allowing taxpayers to receive a 50% refundable tax credit for qualified investments of at least $1,000 made through a community partnership fund.

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https://malegislature.gov/Bills/193/S628