Bill > S688

This bill proposes to establish a program to encourage higher education for all newly born residents of Massachusetts and to incentivize them to remain in the Commonwealth. Specifically, it mandates that the Commonwealth deposit $5,000 into a separate account for each child born in Massachusetts to Massachusetts residents, which will be managed by either the Massachusetts Education Financing Authority or the Massachusetts UFund, a state-sponsored college savings program. The initial deposit will not have any tax implications, and while exceptions to eligibility will be determined by the Department of Revenue, any additional deposits made to this fund will be subject to the same federal and state tax rules as the Massachusetts UFund.