By Ms. Candaras, a petition (accompanied by bill,
Senate, No. 64) of Gale D. Candaras, Bruce E. Tarr,
Christine E. Canavan and JohnP. Fresolo for legislation to
encourage low-income savings and economic opportunity.
Children, Families and Persons with Disabilities. |
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 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 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.
