SENATE DOCKET, NO. 344 FILED ON: 1/5/2009
SENATE . . . . . . . . . . . . . . . No. 30
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Gale D.
Candaras
_______________
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 passage of the accompanying bill:
An Act encouraging low-income savings and economic opportunity
__
_____________
PETITION OF:
|
Name:
|
District/Address:
|
|
Gale D.
Candaras
|
First Hampden and Hampshire
|
|
Angelo J. Puppolo, Jr.
|
12th Hampden
|
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. S00064 OF .]
The Commonwealth of Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
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 1. 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 a
ccounts.
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 recipient’s principal residence;
(c) The purchase or repair of a vehicle use 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.
