Bill > H6071

This bill would establish 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 (a state welfare assistance program) between zero and one year old. The trust would be managed by the General Treasurer, who would invest the funds to grow the account until the child turns 18. At that point, eligible beneficiaries who have been Rhode Island residents for the past two years can access the funds for specific purposes, including attending higher education or vocational schools in Rhode Island, purchasing a home in the state, starting a business with a principal place of business in Rhode Island, or making other investments that provide long-term financial gains. The program is contingent on sufficient public or private funding, and the trust funds would be exempt from state taxation. Beneficiaries must claim their funds before turning 35, and if they do not meet the residency or age requirements, the money will be returned to the state's general fund. The bill aims to provide a financial foundation for children from low-income families, potentially helping to build generational wealth and support economic mobility.

Budget and Finance

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