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Bill > S0761


RI S0761

RI S0761
This pilot program would create a $3,000 trust for each Rhode Island child ages zero to one year born to a family enrolled in the Rhode Island Works Program (“RI Works”) during the preceding calendar year.


summary

Introduced
03/11/2025
In Committee
06/18/2025
Crossed Over
06/20/2025
Passed
07/02/2025
Dead
Signed/Enacted/Adopted
07/02/2025

Introduced Session

2025 Regular Session

Bill Summary

This act would create a pilot program that would create, contingent upon funding, a $3,000 trust for each Rhode Island child ages zero to one year born to a family enrolled in the Rhode Island works program (“RI Works”) during the preceding calendar year. The office of the general treasurer would hold the funds in trust and invest the funds until the child reaches the age of maturity. Upon reaching the age of maturity, any individual who received a grant at birth and has been a Rhode Island citizen for the last two (2) years would be eligible to withdraw the funds and investment proceeds, and use funds to either: (1) Attend a higher education or vocational school in Rhode Island; (2) Purchase a home in Rhode Island; (3) Start a business with its principal place of business in Rhode Island; or (4) Another investment in financial assets or personal capital that provides long- term gains to wages or wealth, as defined in regulation promulgated by the general treasurer. This act would take effect upon passage.

AI Summary

This bill establishes the Rhode Island Baby Bond Trust, a pilot program that creates a $3,000 trust for each child born to a family enrolled in the Rhode Island Works Program (RI Works) during the first year of the child's life. The trust will be managed by the general treasurer and invested until the child reaches 18 years old. To be eligible for the funds, the beneficiary must have lived in Rhode Island for the two years prior to receiving the money and must use the funds (including investment earnings) for specific purposes such as attending higher education or vocational schools in Rhode Island, purchasing a home in the state, starting a business with its principal place of business in Rhode Island, or making other long-term investments that can increase personal wealth. The beneficiary must claim the funds before turning 35, and if they do not meet these requirements, the money will be returned to the state's general fund. The trust is designed to provide financial opportunities for children from low-income families, with the goal of promoting economic mobility and personal investment in the state. Importantly, the implementation of this program is contingent on the availability of sufficient public or private funding.

Committee Categories

Budget and Finance

Sponsors (7)

Last Action

Signed by Governor (on 07/02/2025)

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