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SENATE DOCKET, NO. 199         FILED ON: 1/18/2011

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 27

 

The Commonwealth of Massachusetts

_________________

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.

_______________

PETITION OF:

 

Name:

District/Address:

Gale D. Candaras

 

James B. Eldridge

 

Denise Provost

27th Middlesex

Benjamin Swan

11th Hampden


SENATE DOCKET, NO. 199        FILED ON: 1/18/2011

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 27

By Ms. Candaras, petition (accompanied by bill, Senate, No. 27) of Gale D. Candaras, James B. Eldridge, Denise Provost and Benjamin Swan for legislation to encourage low-income savings and economic opportunity [Joint Committee on Children, Families and Persons with Disabilities].

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 30 OF 2009-2010.]


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Eleven

_______________

 

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.

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