Bill > S04555

This bill establishes the New York Baby Opportunity Fund, which will deposit $1,000 into an account managed by the state comptroller for eligible children when they are born. The funds in these accounts will be invested to generate a rate of return at least equal to the 30-year Treasury bond rate. When the eligible child reaches 18 years old and is a current resident of the state, they can access the funds in their account to be used for qualified expenses, such as education costs, the purchase of a home, or starting a business.