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SB465 • 2025

Removes the annual cap on matching funds that an individual development account holder may accrue.

Removes the annual cap on matching funds that an individual development account holder may accrue.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Senator Weber,, Representative Ruiz, Senator Hayden,, Patterson,, Sollman,, Representative Hartman,, Javadi,, Levy B,, Nguyen H,, Osborne,, Sosa,, Wright,
Last action
2025-05-14
Official status
Chapter Number Assigned
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2025-05-14 Senate

    Chapter 48, 2025 Laws.

  2. 2025-05-14 Senate

    Effective date, January 1, 2026.

  3. 2025-05-08 Senate

    Governor signed.

  4. 2025-05-01 House

    Speaker signed.

  5. 2025-04-30 Senate

    President signed.

  6. 2025-04-29 House

    Potential conflict(s) of interest declared by Hartman.

  7. 2025-04-29 House

    Third reading. Carried by Ruiz. Passed. Ayes, 54; Excused, 5--Cate, Dobson, Munoz, Nelson, Nguyen H; Excused for Business of the House, 1--Drazan.

  8. 2025-04-28 House

    Second reading.

  9. 2025-04-25 House

    Recommendation: Do pass.

  10. 2025-04-24 House

    Work Session held.

  11. 2025-04-15 House

    Public Hearing held.

  12. 2025-03-10 House

    Referred to Early Childhood and Human Services.

  13. 2025-03-04 House

    First reading. Referred to Speaker's desk.

  14. 2025-02-27 Senate

    Third reading. Carried by Weber. Passed. Ayes, 30.

  15. 2025-02-25 Senate

    Second reading.

  16. 2025-02-24 Senate

    Recommendation: Do pass with amendments. (Printed A-Eng.)

  17. 2025-02-18 Senate

    Work Session held.

  18. 2025-02-04 Senate

    Public Hearing held.

  19. 2025-01-17 Senate

    Referred to Human Services.

  20. 2025-01-13 Senate

    Introduction and first reading. Referred to President's desk.

Official Summary Text

Digest: The Act removes the annual cap on matching funds for IDA holders and creates a cap on total matching funds. (Flesch Readability Score: 71.2).
Removes the annual cap on matching funds that an individual development account holder may accrue. Establishes a cap on total matching funds that the account holder may accrue. [<i>Provides for the modification of the cap to account for effects of inflation.</i>].
Relating to: Relating to individual development accounts.
Current location: Chapter Number Assigned