GA SB534

Creates the Georgia Baby Bond Savings Plan as a state instrumentality to establish savings trust accounts for children under 18, with automatic enrollment for all Georgia residents born on or after July 1, 2023

Establishes a board of directors chaired by the Governor, including the state auditor, director of the Office of Planning and Budget, state revenue commissioner, three gubernatorial appointees, and the state treasurer as administrative officer

Requires the General Assembly to provide initial contributions of $1,000 minimum per account ($2,000 for families receiving federal assistance like Medicaid, TANF, or SNAP), plus annual contributions of $250 minimum ($1,000 for federal assistance recipients) until the beneficiary turns 18

Funds may be used for qualified expenses including higher education, career/technical education, home ownership, and other board-approved investments in financial assets or personal capital

Contributions to savings trust accounts are exempt from state taxation, and account balances shall not be considered assets for determining eligibility for need-based aid programs