Bill
Bill > HB6079
MI HB6079
MI HB6079State finance: bonds; baby bond trust account program; create. Creates new act. TIE BAR WITH: HB 6081'24, HB 6082'24
summary
Introduced
11/13/2024
11/13/2024
In Committee
11/13/2024
11/13/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
102nd Legislature
Bill Summary
A bill to create the baby bond trust account program; to prescribe the powers and duties of certain state officials and departments; to allow for the promulgation of rules; and to provide for an appropriation.
AI Summary
This bill creates the Michigan Baby Bond Trust Account Program within the Department of Treasury. The program will establish a separate account for each child born in Michigan on or after January 1, 2024, with an initial deposit of $3,200 from the Baby Bond Trust Fund. The account funds can only be used by the designated beneficiary, once they reach age 18 but before 30, for eligible expenditures such as postsecondary education, home purchase, business investment, or other long-term wealth-building activities. The bill also requires annual reporting on the number of designated beneficiaries and appropriations to fund the program, and allows the Department to promulgate rules for implementation.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Bill Electronically Reproduced 11/14/2024 (on 11/14/2024)
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://legislature.mi.gov/Bills/Bill?ObjectName=2024-HB-6079 |
| BillText | https://legislature.mi.gov/documents/2023-2024/billintroduced/House/htm/2024-HIB-6079.htm |
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