Texas Senate Bill SB63

Texas 2011 - 82nd Regular

• Out of Senate Committee: 4/28/11
• Introduced: 11/8/10
• Voted on by Senate: 5/3/11
• Refer: 1/31/11
• Out of House Committee: 5/13/11
• Report Pass: 4/28/11
• Engrossed: 5/3/11
• Refer: 5/3/11
• Report Pass: 5/12/11

Caption

Relating to the creation of the individual development account program to provide savings incentives and opportunities for certain foster children to pursue home ownership, postsecondary education, and business development.

Impact

By creating individual development accounts, the bill seeks to encourage savings among foster children by offering matching funds for qualified expenditures. This means that when the participants make contributions towards one of the designated goals—such as education or starting a business—they will receive financial support from sponsoring organizations. The program aims not only to promote financial literacy among these youth but also to empower them to make long-term investments in their futures.

Summary

Senate Bill 63 proposes the establishment of an individual development account program aimed at providing savings incentives and opportunities specifically for certain foster children. The bill is designed to support these young individuals, particularly those aged between 15 and 23, in achieving significant life milestones such as home ownership, pursuing postsecondary education, and initiating self-employment ventures. This initiative will allow foster children to independently manage their finances and create a pathway to financial stability.

Contention

There may be points of contention surrounding the financial implications of SB 63, particularly relating to funding and the potential limitations on money available for matching funds. While the goal is to provide foster children with meaningful opportunities, challenges can arise in ensuring adequate support for all eligible participants, especially when factoring in budgetary constraints at the state level. Additionally, concerns may emerge regarding the effectiveness of the sponsoring organizations to administer these accounts in accordance with the outlined guidelines.

Additional_notes

This bill reflects a larger effort to assist vulnerable populations, particularly foster youth, in overcoming economic barriers. The establishment of the account program underlines a commitment to equitable access to resources that facilitate self-sufficiency and economic empowerment.