HB386: establishing a committee to study individual development accounts.

HB 386 - AS INTRODUCED

2003 SESSION

03-0329

05/09

HOUSE BILL 386

AN ACT establishing a committee to study individual development accounts.

SPONSORS: Rep. P. Sullivan, Hills 50

COMMITTEE: Finance

ANALYSIS

This bill establishes a committee to study the status of individual development accounts in New Hampshire.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03-0329

05/09

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Three

AN ACT establishing a committee to study individual development accounts.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Committee Established. There is established a committee to study creating individual development accounts for certain New Hampshire residents.

2 Membership and Compensation.

I. The members of the committee shall be as follows:

(a) Three members of the house of representatives, appointed by the speaker of the house of representatives, no more than 2 of whom shall be members of the same party.

(b) Three members of the senate, appointed by the president of the senate, no more than 2 of whom shall be members of the same party.

II. Members of the committee shall receive mileage at the legislative rate when attending to the duties of the committee.

3 Duties.

I. The committee shall study the status of individual development accounts (IDAs) in New Hampshire, and examine policies and proposals to promote the establishment of individual development accounts.

II. Subjects to be studied shall include, but not be limited to:

(a) State tax credits for IDA program contributors.

(b) The use of general fund appropriations to support IDAs.

(c) The use of TANF funds to support IDAs.

(d) Other funding issues as the committee deems appropriate.

(e) Other issues relevant to the establishment of IDAs.

III. The committee shall solicit testimony from the state treasurer, the New Hampshire community loan fund administrators, members of the banking and financial services industry, members of the human services community, the general public, and any other individuals or institutions the committee shall deem appropriate.

4 Chairperson; Quorum. The members of the study committee shall elect a chairperson from among the members. The first meeting of the committee shall be called by the first-named house member. The first meeting of the committee shall be held within 45 days of the effective date of this section. Three members of the committee shall constitute a quorum.

5 Report. The committee shall report its findings and any recommendations for proposed legislation to the speaker of the house of representatives, the senate president, the house clerk, the senate clerk, the governor, and the state library on or before November 1, 2003.

6 Effective Date. This act shall take effect upon its passage.