Bill > H3429

This bill establishes a Massachusetts Baby Bonds Trust Fund designed to provide financial opportunities for children born into low-income families or under the care of the Massachusetts Department of Children and Families. Specifically, the program will create an individual account for eligible children born on or after July 1, 2024, who are from families receiving transitional aid or in state child welfare custody. When these designated beneficiaries reach age 18, they can access their account funds for specific purposes such as post-secondary education in Massachusetts, investing in a Massachusetts business, purchasing a home in the state, or making investments that can generate long-term wealth. The funds can be used until the beneficiary turns 35, after which any unclaimed money returns to the fund. The program will be overseen by a 17-member Advisory Board and a Community Advisory Committee, with the State Treasurer administering the fund and able to accept public and private donations. Importantly, the funds will not be counted as an asset when determining eligibility for other benefits, and the money can be invested without traditional government spending restrictions. The bill aims to address economic disparities by providing a financial boost to children from historically disadvantaged communities, helping them pursue opportunities for education, entrepreneurship, and home ownership.

Government Affairs

https://malegislature.gov/Bills/194/H3429