HB 2450/SB 1538: Legislature to Consider Bills That Would Help Low-Wage Workers Save for the Future

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Celia Cole /(512) 320-0222 x110

March 30, 2005

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Representative Naishtat (HB 2450) and Senator Barrientos (SB 1538) have introduced legislation that would establish a $1 million grants program at the Comptroller’s office to assist local communities in setting up Individual Development Accounts (IDA) for their low-income residents. An IDA is an interest-bearing, tax-free savings account created to help low- and moderate-income families build assets and move into the middle class.