An Act to promote economic mobility through matched savings
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to increase economic mobility in Massachusetts by establishing a matched savings program. The program would provide incentives for low- and moderate-income individuals to save for specific goals, such as homeownership, education, or starting a business, with a portion of their savings being matched by the state. This would help individuals build financial stability and opportunity.
Key provisions
- Establishes a matched savings program.
- Provides matching funds for savings towards specific goals.
- Targets low- and moderate-income individuals.
- Supports goals such as homeownership, education, and business development.
- Operates under the auspices of the Financial Services committee.
Who is affected
- Low- and moderate-income individuals
- Massachusetts residents
- Financial Services sector
Notable changes
- Introduces a new state-sponsored matched savings program.
- Builds upon similar initiatives in other states.
Bill text
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Sponsors
Official sponsors from legislative records.
10 on record
Primary sponsor
Cosponsors
Danillo A. Sena
Arguments
Reasons offered for and against this legislation.
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