SENATE DOCKET, NO. 70 FILED ON: 1/11/2013
SENATE . . . . . . . . . . . . . . No. 19
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The Commonwealth of Massachusetts
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PRESENTED BY:
Gale D. Candaras
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act encouraging low-income savings and economic opportunity.
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PETITION OF:
Name: | District/Address: |
Gale D. Candaras | First Hampden and Hampshire |
Patricia D. Jehlen | Second Middlesex |
Linda Dorcena Forry | 12th Suffolk |
SENATE DOCKET, NO. 70 FILED ON: 1/11/2013
SENATE . . . . . . . . . . . . . . No. 19
By Ms. Candaras, a petition (accompanied by bill, Senate, No. 19) of Gale D. Candaras, Patricia D. Jehlen and Linda Dorcena Forry for legislation to encourage low-income savings and economic opportunity. Children, Families and Persons with Disabilities. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 27 OF 2011-2012.]
The Commonwealth of Massachusetts
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In the Year Two Thousand Thirteen
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An Act encouraging low-income savings and economic opportunity.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Section 111 of Chapter 5 of the Acts of 1995 is hereby amended by adding at the end of the third sentence the following words:-- ; provided, however, that up to $10,000 of lump sum income shall be disregarded as income and excluded as an asset if within 30 days of its receipt it is deposited in a separate identifiable account as a financial institution, community development corporation or other non-profit agency approved by the department to establish and administer such financial accounts. Withdrawals from such an account may only be for the purposes identified in subparagraph (a) through (e):
(a) Expenses for education or job training to attend an accredited or approved education or training institution;
(b) The purchase or repair of a home that is the applicant of the recipient principal residence;
(c) The purchase or repair of a vehicle used for transportation to work or to attend an education or training program;
(d) Capital to start a small business for any family member 18 years or age or older.
(e) Health care costs not covered by public or private insurance.