Bill > A06059

This bill establishes the New York Baby Opportunity Fund, a state-managed financial program that automatically deposits $1,000 into an individual account for eligible newborn children. To qualify, the child must be born to parents who are New York state residents with a household income less than 500% of the federal poverty level. The funds will be invested to generate returns similar to a 30-year treasury bond and can only be accessed by the child when they turn 18 and are still a state resident. The money can then be used for three specific purposes: educational expenses, purchasing real estate, or starting a business. The fund will be jointly managed by the state comptroller, commissioner of taxation and finance, and commissioner of health, with the department of health responsible for creating the application process. The fund can also accept additional grants or gifts, and the state comptroller will oversee the administrative aspects of the program. The bill is designed to provide a financial boost to lower and middle-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/A6059