HB 6659 Summary

• Establishes the Connecticut Baby Bond Trust effective July 1, 2021, as a state instrumentality to hold and invest funds for designated beneficiaries born on or after July 1, 2021, who were covered by HUSKY Health at birth.

• Deposits $5,000 from the General Fund into the trust for each designated beneficiary upon their birth, with each account including the beneficiary's pro rata share of investment earnings.

• Beneficiaries become eligible to withdraw their full account balance upon reaching age 18 and completing a financial literacy requirement, with a deadline to claim funds by age 30, for qualified expenses including education, home purchase in Connecticut, Connecticut business investment, or financial asset investments.

• Trust funds are exempt from state and local taxation and are excluded from asset calculations for determining eligibility for temporary family assistance, federal Low Income Home Energy Assistance Program benefits, and need-based institutional aid at Connecticut public colleges.

• The State Treasurer administers the trust's receipt, maintenance, investment, and disbursement of funds, with authority to contract for professional services and adopt implementing regulations.