View source for Business Development for TANF Recipients Act Exposed

The '''[[:media:5Z0-Business_Development_for_TANF_Recipients_Act_Exposed.pdf|Business Development for TANF Recipients Act]]''' is listed under ALEC's [https://www.sourcewatch.org/index.php/ALEC_Health_and_Human_Services_Task_Force Health and Human Services Task Force], but does no include information on when it was approved. {{AEX2011}}

==ALEC Bill Text==

Summary

This Act would allow TANF recipients to establish an interest bearing savings
account not to exceed $5,000 for the purpose of education or the initial
establishment of a commercial operation.

Model Legislation

{Title, enacting clause, etc.}

<u>Section 1.</u> {Title.} "This Act may be cited as the Business Development for
TANF Recipient Act"

<u>Section 2.</u> {Definitions.} As used in this Act:

(A) "Business Incubation" means the initial establishment of a commercial
operation which is owned by a member of the assistance unit. The net worth of
any business owned by a member of the assistance unit shall be exempt from
consideration in any calculation under the assistance programs so long as the
net worth of the business is less than $5000.

<u>Section 3.</u> {Main Provisions.}

(A) Any individual or family applying for or receiving assistance under the
Temporary Assistance for Needy Families, Temporary Assistance for Needy
Families-related medical-assistance-only, food stamp, or fuel assistance
programs may have or establish one interest-bearing savings account per
assistance unit not to exceed $5,000 at a financial institution for the purpose of
paying for tuition, books, and incidental expenses at any elementary, secondary
or vocational school or any college or university or for making a down payment
on a primary residence or for business incubation. Any funds deposited in the
account, and any interest earned thereon, shall be exempt from consideration in
any calculation under any specified assistance program for so long as the fund
and interest remain on deposit in the account. Any amounts withdrawn from the
account for the purposes stated in this section shall be exempt from
consideration in any calculation under any specified assistance program. The
State Board shall promulgate regulations to establish penalties for amounts
withdrawn from any accounts for any other purposes other than those stated in
this section or other misuse of these funds.

(B) The Secretary of Health and Human Services shall seek the federal waivers
necessary to implement this act.

(C) This act shall become effective upon receipt of the federal waivers
necessary to implement this act.

<u>Section 4.</u> {Severability clause.}

<u>Section 5.</u> {Repealer clause.}

<u>Section 6.</u> {Effective date.}