Bill > HB284

This bill creates the Georgia Baby Bond Savings Plan, a state-managed savings program designed to help children under 18 build financial assets. The plan will establish savings trust accounts for all Georgia residents born on or after July 1, 2025, with an automatic initial contribution from the state of at least $250 (or $1,000 for families receiving federal assistance). The program will provide annual contributions to these accounts until the child turns 18, with a minimum annual contribution of $250 (or $500 for families receiving federal assistance). Account funds can be used for qualified expenses such as higher education, home ownership, retirement investments, and other long-term wealth-building opportunities. The plan will be governed by a board of directors including state officials like the Governor and state treasurer, and will be administered through a trust fund with separate administrative, endowment, and program accounts. Contributions to these accounts will be exempt from state taxation, and the funds will not be considered assets when determining eligibility for need-based aid programs. The bill aims to encourage financial planning and provide a foundation for children's financial futures by creating a state-sponsored savings mechanism that supports asset-building for young Georgia residents.