Bill

Bill > H1329


MA H1329

Creating a child savings program


summary

Introduced
03/29/2021
In Committee
03/29/2021
Crossed Over
Passed
Dead
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)

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