Bill > H48

This bill establishes the Massachusetts Baby Bonds Trust Fund, a program designed to provide financial opportunities for children born into low-income families or under the care of the Massachusetts Department of Children and Families. Specifically, the program will automatically create an account for qualifying children born on or after July 1, 2026, with funds that can be accessed between ages 18 and 35 for specific purposes such as post-secondary education, investing in a Massachusetts business, purchasing a home in the state, or other wealth-building investments. The fund will be administered by the state treasurer, who can accept public and private donations, and will be overseen by a 17-member advisory board consisting of both voting and non-voting members from various state agencies and community representatives. To qualify, a child must be born on or after July 1, 2026, and either receive cash assistance through transitional aid or be in the custody of the state's children and families department within their first twelve months of life. The bill includes provisions to prevent the funds from being counted as an asset for determining other benefits and ensures that the accounts cannot be transferred or assigned to another individual. If a beneficiary does not claim their funds by age 35, or passes away before then, the money will be returned to the overall fund.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/H48