LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION

March 15, 2009

TO:	Honorable Yvonne Gonzalez Toureilles, Chair, House Committee on Agriculture & Livestock
FROM:	John S. O'Brien, Director, Legislative Budget Board
IN RE:	HB885 by Naishtat (Relating to the creation of the individual development account program to provide savings incentives and opportunities for eligible persons to pursue home ownership, postsecondary education, and business development.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would amend the Government Code to create an individual development account program to provide savings incentives and opportunities for eligible persons to pursue home ownership, post secondary education, and business development.  The bill would require the Office of Rural Community Affairs (ORCA) to create the program by rule and implement the program, utilizing sponsoring organizations to administrer the individual development accounts and interagency contracts as necessary.  The bill would require ORCA to serve as a clearing house for infomation relating to state and local and public and private programs facilitating asset development in addition to posting required information on the agency's website.  The bill would also require the Health and Human Services Commission (HHSC) to provide information to ORCA as necessary to implement the provisions of the bill. 

Based on information provided by ORCA, this analysis assumes that costs necessary to implement the provisions of the bill could be absorbed within existing resources.  In addition, this analysis does not consider an amount of grant funds that the Legislature may choose to appropriate to ORCA for the purposes of the bill.  Also, this analysis assumes that costs associated with HHSC providing information to ORCA to implement the provisions of the bill could be covered within existing resources as well.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

357 Office of Rural Community Affairs, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department

LBB Staff:

JOB, WK, MW, CH