Section 208.750 – Title — definitions.

Effective – 28 Aug 2007 208.750. Title — definitions. — 1. Sections 208.750 to 208.775 shall be known and may be cited as the “Family Development Account Program”. 2. For purposes of sections 208.750 to 208.775, the following terms mean: (1) “Account holder”, a person who is the owner of a family development account; (2) […]

Section 208.755 – Family development account program established — proposals, content — department — duties — rulemaking authority.

Effective – 28 Aug 1999 208.755. Family development account program established — proposals, content — department — duties — rulemaking authority. — 1. There is hereby established within the department of economic development a program to be known as the “Family Development Account Program”. The program shall provide eligible families and individuals with an opportunity […]

Section 208.760 – Eligibility — withdrawal of moneys, when.

Effective – 28 Aug 1999 208.760. Eligibility — withdrawal of moneys, when. — 1. A family or individual whose household income is less than or equal to two hundred percent of the federal poverty level may open a family development account for the purpose of accumulating and withdrawing moneys for specified expenditures. The account holder […]

Section 208.765 – Forfeiture of account moneys, when — death of account holder, effect of.

Effective – 28 Aug 1999 208.765. Forfeiture of account moneys, when — death of account holder, effect of. — 1. Account holders who withdraw moneys from a family development account not in accordance with subsection 1 of section 208.760 shall forfeit all matching moneys in the account. 2. All moneys forfeited by an account holder […]

Section 208.770 – Tax exemption, credit, when.

Effective – 28 Aug 2009 208.770. Tax exemption, credit, when. — 1. Moneys deposited in or withdrawn pursuant to subsection 1 of section 208.760 from a family development account by an account holder are exempted from taxation pursuant to chapter 143, excluding withholding tax imposed by sections 143.191 to 143.265, and chapter 147, 148 or […]

Section 208.775 – Independent evaluation — report.

Effective – 28 Aug 1999 208.775. Independent evaluation — report. — Subject to appropriations and to the provisions of chapter 34, the department shall annually award up to one hundred thousand dollars for an independent evaluation of the program. Based on this program evaluation, the department shall provide a comprehensive report on the program to […]