Massachusetts S628 establishes a matched-savings program to promote economic mobility for low-income households.

Massachusetts S628 creates a matched-savings program to help low-income households achieve economic mobility. Eligible participants can establish accounts with a fiscal intermediary that matches their contributions. The program allows withdrawals for approved purposes like education, homeownership, and debt repayment. The bill also establishes a Matched Savings Trust Fund to manage the program and a tax credit for qualified investments. Community-based organizations provide financial education and counseling to participants.

Massachusetts S628 establishes a matched-savings program to promote economic mobility for low-income households.

Massachusetts S628 creates a matched-savings program to help low-income households achieve economic mobility. Eligible participants can establish accounts with a fiscal intermediary that matches their contributions. The program allows withdrawals for approved purposes like education, homeownership, and debt repayment. The bill also establishes a Matched Savings Trust Fund to manage the program and a tax credit for qualified investments. Community-based organizations provide financial education and counseling to participants.