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1997 SESSION

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SB 567 Tax credits for family savings accounts.

Introduced by: Mark L. Earley | all patrons    ...    notes | add to my profiles

SUMMARY:

Tax credits for family savings accounts. Changes the Neighborhood Assistance Act of 1981 to the Neighborhood Assistance and Family Savings Act of 1996 are provided. Limited tax credits to certain low-income persons for contributions made to family savings accounts as well as subtractions from federal adjusted gross income for contributions made to family savings accounts and for interest earned by qualified low-income persons on family savings accounts. A family savings account is one which was established by a low-income person for the purpose of saving to acquire a long-term asset, such as a house.


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