Bill > H1023

This bill aims to promote economic mobility through matched savings accounts. The key provisions are as follows: 1. It establishes a "Matched-Savings Account" program, where eligible participants (households with income not exceeding 80% of the area's median income) can open accounts with a fiscal intermediary (a qualified nonprofit organization) and receive $4 of matching funds for every $1 they deposit, up to a total of $20,000 in the account. 2. The approved savings goals for these accounts include education, job training, housing, small business capitalization, retirement savings, and credit improvement, among others. Participants must develop a savings plan with a community-based organization to receive the matching funds. 3. The bill creates a Matched Savings Trust Fund, administered by the Secretary of Housing and Economic Development, to provide the matching funds, financial education, and program administration. 4. It also establishes a Massachusetts Matched Savings Tax Credit, allowing taxpayers who make qualified investments (at least $1,000) through a community partnership fund to receive a 50% refundable tax credit, up to a total of $12 million in tax credits per year. The overall aim is to support low-income households in building assets and improving their economic mobility through this matched savings program.

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https://malegislature.gov/Bills/193/H1023