Bill > H6071

This bill establishes the Rhode Island Baby Bond Trust, a pilot program that will create a $3,000 trust for each child born to a family enrolled in the Rhode Island Works (RI Works) program between ages zero to one year. The trust, managed by the state treasurer, will invest these funds until the child reaches 18 years old. Upon turning 18, if the individual has been a Rhode Island resident for the past two years, they can withdraw the original $3,000 plus investment earnings for specific purposes, including attending higher education or vocational school 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 could increase wages or wealth. The funds will be exempt from being considered as assets or income for determining eligibility for state assistance programs, and beneficiaries must claim their funds before turning 35. If a beneficiary does not meet the residency requirements, dies before 18, or fails to claim the funds by age 35, the money will be returned to the state's general fund. The program is set to begin on July 1, 2026, and aims to provide financial opportunity for children from low-income families by creating a dedicated investment account.

Budget and Finance

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