§ 95506
211 words·~1 min read·
/ca/government-code/95506A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Individuals selected to participate in the project shall do all of the following:
(a)Contract with his or her service provider.
(b)Regularly deposit funds into the individual development account. Participants may contribute to the individual development account using resources generated from the following sources:
(1)Earned income.
(2)Federal Earned Income Tax Credit refunds.
(3)Disability benefits.
(4)Child support payments.
(5)AmeriCorps stipends.
(6)Wages earned through self-employment.
(7)Job training program stipends.
(c)Select purchase goals for which the savings will be used. Participants may use savings generated by individual development accounts for any of the following purposes:
(1)Postsecondary and vocational education expenses, including tuition, fees, books, supplies, and equipment.
(2)Home purchase costs with respect to a principal residence.
(3)Major home repair.
(4)Assistive technology equipment or services for disabled participants when used to access employment, education, or training.
(5)Purchase of a vehicle to be used for employment, education, or training purposes.
(6)Qualified business capitalization.
(d)Communicate regularly with the service provider regarding the account.
(e)Participate in a minimum of 12 hours of training and education provided by the service provider.
(f)Maintain savings in the individual development account for a minimum of six months from the time the account was established.