Bill > H2225

This bill directs the Massachusetts Educational Financing Authority to establish a college savings program known as the Massachusetts Child Savings Account Program. The program will create a college savings account for each eligible child born and issued a birth certificate in the Commonwealth. The Commonwealth will deposit $250 into each account, and for accounts where the child's parent or guardian is eligible for the Earned Income Tax Credit, the Commonwealth will match deposits made by the parent or guardian up to $250 per year. Withdrawals from the accounts can only be made for qualifying post-secondary education expenses and must be made before the accountholder reaches the age of 29, with exceptions for those who serve in national service programs. Any undisbursed funds will be returned to their source, with the Commonwealth's contributions reverting to the General Fund.

Education

https://malegislature.gov/Bills/190/H2225