Bill > HB753

This bill requires the Maryland Comptroller to conduct a comprehensive study on the feasibility of creating a state baby bond account program by June 1, 2026. A baby bond is a government-funded investment account designed to help build wealth for low-income families, typically by providing newborns with an initial financial asset that can grow over time. The study will examine existing baby bond programs in other jurisdictions, determine which state entity could best administer such a program, estimate potential costs and funding options, and establish potential eligibility criteria. The research will also analyze how the program might address economic inequalities by helping Marylanders pay for college, purchase homes, and start businesses, as well as evaluate the potential for closing wealth gaps in the state. The Comptroller will be required to submit a detailed report with findings and recommendations to the Governor and General Assembly by the specified date, with the bill itself taking effect on June 1, 2025. This study represents an initial exploration of a potential innovative approach to addressing economic disparities and providing financial opportunities for Maryland residents.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0753?ys=2025RS