SB465 • 2025

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

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

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

Digest: The Act removes the annual cap on matching funds for IDA holders and creates a cap on total matching funds.

What This Bill Does

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.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2025-05-14 Senate
Chapter 48, 2025 Laws.
2025-05-14 Senate
Effective date, January 1, 2026.
2025-05-08 Senate
Governor signed.
2025-05-01 House
Speaker signed.
2025-04-30 Senate
President signed.
2025-04-29 House
Potential conflict(s) of interest declared by Hartman.
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.
2025-04-28 House
Second reading.
2025-04-25 House
Recommendation: Do pass.
2025-04-24 House
Work Session held.
2025-04-15 House
Public Hearing held.
2025-03-10 House
Referred to Early Childhood and Human Services.
2025-03-04 House
First reading. Referred to Speaker's desk.
2025-02-27 Senate
Third reading. Carried by Weber. Passed. Ayes, 30.
2025-02-25 Senate
Second reading.
2025-02-24 Senate
Recommendation: Do pass with amendments. (Printed A-Eng.)
2025-02-18 Senate
Work Session held.
2025-02-04 Senate
Public Hearing held.
2025-01-17 Senate
Referred to Human Services.
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

Current Bill Text

Read the full stored bill text

83rd OREGON LEGISLATIVE ASSEMBLY--2025 Regular Session
Enrolled
Senate Bill 465
Sponsored by Senator WEBER, Representative RUIZ; Senators HAYDEN, PATTERSON, SOLLMAN,
Representatives HARTMAN, JAVADI, LEVY B, NGUYEN H, OSBORNE, SOSA, WRIGHT
(Presession filed.)
CHAPTER .................................................
AN ACT
Relating to individual development accounts; amending ORS 458.690.
Be It Enacted by the People of the State of Oregon:
SECTION 1.
ORS 458.690 is amended to read:
458.690. (1) A fiduciary organization selected under ORS 458.695 may qualify as the recipient
of account contributions that qualify the contributor for a tax credit under ORS 315.271 only if the
fiduciary organization matches amounts deposited by the account holder according to a formula es-
tablished by the fiduciary organization of not less than $1 nor more than $5 for each $1 deposited
by the account holder. The matching funds must be deposited into a designated account that is
controlled by the fiduciary organization and is separate from the savings account of the account
holder.
(2) [ Account holders may not accrue more than $6,000 of matching funds under subsection (1) of
this section from state-directed moneys in any 12-month period. A fiduciary organization may designate
a lower amount as a limit on annual matching funds. ] A fiduciary organization shall maintain on
deposit sufficient funds to cover the matching deposit agreements for all individual development
accounts managed by the organization.
[(3) The Housing and Community Services Department shall adopt rules to establish a maximum
total amount of state-directed moneys that may be deposited as matching funds into an individual de-
velopment account. ]
(3) The maximum total amount of state-directed moneys that may be accrued as
matching funds in an individual development account is $20,000.
(4) The Housing and Community Services Department shall provide information to the Depart-
ment of Revenue about all individual development account contributors that are qualified for a tax
credit under ORS 315.271, if required by ORS 315.058.
Enrolled Senate Bill 465 (SB 465-A) Page 1
Passed by Senate February 27, 2025
..................................................................................
Obadiah Rutledge, Secretary of Senate
..................................................................................
Rob Wagner, President of Senate
Passed by House April 29, 2025
..................................................................................
Julie Fahey, Speaker of House
Received by Governor:
........................M.,........................................................., 2025
Approved:
........................M.,........................................................., 2025
..................................................................................
Tina Kotek, Governor
Filed in Office of Secretary of State:
........................M.,........................................................., 2025
..................................................................................
Tobias Read, Secretary of State
Enrolled Senate Bill 465 (SB 465-A) Page 2