Individual Development Account Act

The Individual Development Account Act establishes a framework for matched savings accounts held by qualifying lower-income individuals, setting out who is eligible, how accounts may be opened and administered, and which uses of the money are permitted. It creates a dedicated fund and provides for state-approved account programs overseen by a designated department and an advisory council, with matching money drawn from reserve accounts and forfeited when funds are withdrawn for unapproved purposes or a saver ceases to qualify. It also shields account balances from being counted as assets or income in determining eligibility for certain means-tested benefit programs, and imposes reporting duties along with procedures for winding down account programs.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.