Bill > S04564

This bill establishes the New York Baby Opportunity Fund, which will deposit $1,000 into a state-managed account for eligible children born to families with annual household incomes below 500% of the federal poverty level. The fund will invest the money to generate returns similar to a 30-year Treasury bond, and the account can only be accessed by the child when they turn 18 and are still New York residents. The funds can be used for specific qualified expenses, including educational costs, purchasing a home, or starting a business. The Department of Health will create application forms, and the state comptroller will oversee the fund's administration. To be considered an "eligible child," the newborn must be born after the bill's effective date to parents who meet the income requirements. The account will be identified by a unique number and can only be used by the specific child for whom it was created. The bill aims to provide a financial boost to low and moderate-income families by creating a long-term savings mechanism for their children's future opportunities.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S4564