MI HB6079

Creates the Michigan baby bond trust account program within the Department of Treasury to establish separate accounts for individuals born on or after January 1, 2024 to families domiciled in Michigan, with an initial $3,200.00 deposit per account plus investment earnings.

Designated beneficiaries who are Michigan residents between ages 18-30 and complete a financial literacy requirement may claim funds for postsecondary education, primary residence purchase in Michigan, business investment in Michigan, or other long-term financial asset investments.

Any unclaimed account balances when a designated beneficiary reaches age 30, or upon the beneficiary's death before age 30, are credited back to the baby bond trust fund.

Payments from accounts used for eligible expenditures are excluded from taxable income calculations, medical assistance program eligibility determinations, and state school aid eligibility calculations.

Department of Health and Human Services must annually report the number of designated beneficiaries born in the prior year to the Department of Treasury, state budget office, and legislature; legislature intends to annually appropriate sufficient funds to establish accounts and make disbursements as required.