Bill > SB465

This bill modifies Oregon's law regarding Individual Development Accounts (IDAs), which are special savings accounts designed to help low-income individuals build financial assets. The bill changes the maximum amount of state-directed matching funds that can be accrued in an IDA from $6,000 to $20,000 in a 12-month period. Previously, the law limited annual matching funds and required the Housing and Community Services Department to establish a maximum total amount of state-directed matching funds. Now, the bill directly sets the maximum at $20,000. The bill maintains the existing requirement that fiduciary organizations (the entities managing these accounts) must match account holders' deposits at a rate of $1 to $5 for each $1 deposited, and requires these organizations to maintain sufficient funds to cover their matching deposit agreements. The fiduciary organization must also keep the matching funds in a separate, controlled account from the account holder's savings account. The bill continues to require the Housing and Community Services Department to provide information about IDA contributors to the Department of Revenue for tax credit purposes.

Education, Health and Social Services

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB465