Mississippi Savings Initiative; create.

SB 2419, the Mississippi Savings Initiative, would create Individual Development Accounts (IDAs) for low-income Mississippi residents with household income under 185% of the federal poverty level and net worth under $10,000. The bill would allow IDA holders to save for specific goals like home purchases (including first-time buyers), postsecondary education, business startup, disability assistive technology, or major home repairs, with the state matching contributions up to set limits. Funds deposited in IDAs would not count toward eligibility for need-based programs like Medicaid or food assistance. The Mississippi Department of Banking would contract with nonprofits to manage accounts and ensure funds are used only for approved purposes, with penalties for misuse. (Note: The bill died in committee on February 4, 2025.)