Bill > H1213

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 The funds in the account can only be withdrawn after the accountholder turns 18 or enrolls in a post-secondary education program, and the withdrawal must be used for qualifying education expenses.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.

Education

https://malegislature.gov/Bills/191/H1213