SENATE DOCKET, NO. 199 FILED ON: 1/18/2011
SENATE . . . . . . . . . . . . . . No. 27
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:
An Act encouraging low-income savings and economic opportunity.
_______________
PETITION OF:
Name: | District/Address: |
Gale D. Candaras |
[District]
|
James B. Eldridge |
[District]
|
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
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.
