summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd 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 called the Massachusetts Child Savings Account Program. The program will create a $250 college savings account for each child born and issued a birth certificate in the Commonwealth. Additionally, the Commonwealth will match, up to $250 per year, any deposits made by parents or guardians who are eligible for the Earned Income Tax Credit. The accounts cannot be accessed until the child is 18 or enrolls in post-secondary education, and withdrawals can only be used for qualifying educational expenses. The program aims to provide financial education and support to participating families.
Committee Categories
Education
Sponsors (1)
Last Action
Accompanied a new draft, see H4694 (on 04/25/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H1329 |
| Bill | https://malegislature.gov/Bills/192/H1329.pdf |
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