Bill > H288

This bill aims to modify cash assistance regulations by allowing recipients of Transitional Aid to Families with Dependent Children (TAFDC) to establish children's savings accounts without those funds being counted against their asset limits. Specifically, the bill permits parents receiving cash assistance to deposit money into designated long-term savings accounts for their children, such as education savings accounts, without those funds being considered a countable asset under current regulations (106 CMR 204.120). The funds in these accounts can be used for higher education expenses or other purposes deemed beneficial by the Department of Transitional Assistance. By excluding these savings from asset calculations, the bill seeks to encourage low-income families to build financial assets for their children's future without risking their eligibility for critical cash assistance benefits. The legislation would take effect immediately upon passage, providing an immediate opportunity for families to start saving without penalty.

Health and Social Services

https://malegislature.gov/Bills/194/H288