An Act to promote economic mobility through matched savings
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to help Massachusetts residents achieve greater economic mobility by establishing a matched savings program. The program would provide individuals with matching funds when they save for specific goals, such as a down payment on a home, education, or starting a business. It’s designed to help low- and moderate-income families build financial stability and opportunity. The bill has been referred to the Senate Committee on Ways and Means and a hearing is scheduled.
Key provisions
- Creates a matched savings program.
- Provides matching funds for savings towards designated goals.
- Targets low- and moderate-income individuals.
- Focuses on goals such as homeownership, education, and business development.
- Referenced to the Senate Committee on Ways and Means
Who is affected
- Low- and moderate-income residents of Massachusetts
- Individuals seeking to improve their financial stability
- Families saving for specific goals
Notable changes
- Establishes a new state-sponsored savings program.
- Offers a matching incentive to encourage savings.
Bill text
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Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
James B. Eldridge
Cosponsors
James B. Eldridge
Patricia D. Jehlen
Arguments
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