Bill > H7797

This bill amends existing Rhode Island law concerning unclaimed property to establish and fund the Rhode Island baby bonds trust program, which aims to provide financial resources for children. Instead of depositing all unclaimed property remittances, which are funds from properties that have been abandoned or forgotten, into the state's general fund, a portion will now be allocated to this new trust. Specifically, the bill mandates an annual deposit of three thousand dollars ($3,000) for each "designated beneficiary" – a term defined elsewhere in law as a child born in the preceding calendar year – into the Rhode Island baby bond trust. Any remaining unclaimed property funds will continue to be deposited into the general fund. The bill also clarifies that certain administrative costs associated with managing unclaimed property can still be deducted before funds are transferred. This change is intended to fund the baby bonds program without using taxpayer money and will take effect on July 1, 2027.

Budget and Finance

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