Testimony on Individual Development Accounts (IDAs)

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Author:
Don Baylor /(512) 320-0222 x 108

February 10, 2005

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Individual Development Accounts (IDAs) enable low and moderate-income families to build assets. IDAs are interest-bearing, tax-free savings accounts that can be matched by qualifying public or private sources. All deposits into IDAs are limited to earned income. IDA matching ratios can vary"ranging from 1:1 to 7:1.