Section 38-14-1 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) DEPARTMENT. The Department of Human Resources. (2) ELIGIBLE INDIVIDUAL or FAMILY MEMBER. A person whose household income is equal to or less than 80 percent of the median household income for the state or less than 200 percent […]
Section 38-14-10 Eligibility for means-tested public benefits. (a) An account owner’s savings and matching funds shall not affect his or her eligibility for any means-tested public benefits, including, but not limited to, Medicaid, state children’s health insurance programs, TANF, Supplemental Nutrition Assistance Program, supplemental security income, or government-subsidized foster care and adoption payments, and child […]
Section 38-14-11 Funding. The department shall not be obligated to fund individual development parallel accounts or be obligated to enter into contracts with fiduciary organizations unless the Legislature appropriates funding to the department for the establishment of an Individual Development Account Program, nor shall the department be obligated to spend funds on an Individual Development […]
Section 38-14-2 Establishment of account. A person who is eligible to become an individual development account owner may enter into an agreement developed with a fiduciary organization for the establishment of an individual development account. The agreement shall provide for the amount of the savings deposits, the match fund rate, the asset goal, and the […]
Section 38-14-3 Matching funds. Once the account owner has saved for a minimum of six months, has reached his or her savings goal, and has fulfilled all financial literacy education components in accordance with federal guidelines, the appropriate matching funds shall be transferred from the parallel account directly to the vendor or service provider of […]
Section 38-14-4 Withdrawals and reimbursements. (a) If an emergency occurs, an account owner may withdraw all or part of the account owner’s deposits to an individual development account with the approval of the fiduciary organization. (b) The account owner shall reimburse his or her individual development account for the amount withdrawn under this section within […]
Section 38-14-5 Financial literacy education. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, an Indian tribe, or a governmental entity in accordance with federal guidelines. (Act 2011-641, p. 1626, §5.)
Section 38-14-6 Source of deposits; limitations on deposits. (a) Deposits to individual development accounts made by the account owner shall come from earned income, including, but not limited to, wages, earned income tax credit returns, child support payments, supplemental security income (SSI), disability benefits, community service under TANF, AmeriCorps stipends, VISTA stipends, and job training […]
Section 38-14-7 Exclusion from gross income. Money deposited into individual development accounts shall not be included in gross income for income tax purposes. Any amount withdrawn from a parallel account, matching funds, may not be includable in an eligible individual’s gross income. Money withdrawn from an individual development account shall only be included in gross […]
Section 38-14-8 Selection of fiduciary organizations. The department shall select fiduciary organizations through competitive processes. In making the selections, the department may consider factors including, but not limited to, the following: (1) The ability of the fiduciary organization to implement and administer the individual development account program, including the ability to verify account owner eligibility, […]
Section 38-14-9 Administration of accounts. (a) Subject to rules promulgated by the department, a fiduciary organization has sole authority over, and responsibility for, the administration of individual development accounts. The responsibility of the fiduciary organization extends to all aspects of the account program, including marketing to all eligible individuals and families, soliciting matching funds, counseling […]
