Bill

Bill > H1213


MA H1213

Creating a child savings program


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation to direct the Massachusetts Educational Financing Authority to establish a college savings program for each eligible child born and issued a birth certificate in the Commonwealth. Higher Education.

AI Summary

This bill directs the Massachusetts Educational Financing Authority to establish a college savings program known as the Massachusetts Child Savings Account Program. The program will create a college savings account for each eligible child born and issued a birth certificate in the Commonwealth. The Commonwealth will deposit $250 into each account, and for accounts where the child's parent or guardian is eligible for the Earned Income Tax Credit, the Commonwealth will match the amount deposited by the parent or guardian up to $250 per year. The funds in the account can only be withdrawn after the accountholder turns 18 or enrolls in a post-secondary education program, and the withdrawal must be used for qualifying education expenses. The program aims to help families save for their children's college education.

Committee Categories

Education

Sponsors (1)

Last Action

Accompanied a study order, see H5209 (on 12/23/2020)

bill text


bill summary

Loading...

bill summary

Loading...

bill summary

Loading...