Essentially, the legislation would encourage greater use of Individual Development Accounts for low-income families to save money. Their saving are matched dollar for dollar or greater by financial institutions for tax credits.
New Jersey is one of the few states looking to tie-in people with disabilities with IDAs.
The passage of federal Family Savings Act would enhance NJ's budding program. SHA has been the lead player in bringing people with disabilities into this mix. To enable working-poor families to save, build wealth, and enter the financial mainstream through the use of Individual Development Accounts, or IDAs. Eligible individuals may use their IDA for the benefit of a spouse or dependent. Individual contributions into an IDA are not limited.