§ 26-2-1002 — Legislative declaration

(1) The general assembly hereby finds,
determines, and declares that:

(a) The unrealized and lost human resource potential of low-income and
working-poor individuals of this state results in an overall loss to the potential of
the entire state;

(b) It is in the best interests of all Coloradans to structure incentives in a way
that will result in a greater likelihood that low-income and working-poor individuals
will attain self-sufficiency;

(c) It is in the best interests of all Coloradans to concentrate appropriate
assets and investments on low-income and working-poor individuals and in low-income and working-poor neighborhoods and communities in order to allow low-income individuals, neighborhoods, and communities to benefit from the
developments achieved through the growth in assets and investments;

(d) Achieving self-sufficiency and assessing economic opportunity for low-income and working-poor individuals can be addressed through public policy that
invests in asset accumulation and is supported by private sector philanthropy;

(e) Providing a structured savings situation for low-income and working-poor
individuals enhances such individuals' chances of fulfilling major life goals and
opportunities and incorporates such individuals into the economic mainstream; and

(f) Such self-sufficiency may, in turn, result in fewer people needing to seek
public assistance.

(2) Therefore, the general assembly hereby authorizes the implementation of
an individual development account program to provide incentives and motivation for
low-income and working-poor individuals and families to develop and concentrate
assets and investments for use by such individuals who are striving for self-sufficiency and need a jump-start for economic opportunity.

Legislative History

Source: L. 2000: Entire part added, p. 1469, � 1, effective May 31.