NC S869

Establishes the Baby Bond Program Trust Fund in the Department of State Treasurer to provide $2,000 initial deposits to eligible infants born on or after January 1, 2024, whose household income does not exceed 200% of the federal poverty level.

Creates a 6-member Board of Trustees consisting of the State Treasurer (chair), Commissioner of Banks, Secretary of Health and Human Services, and three members appointed by the Governor and General Assembly with investment and finance experience.

Allows distributions from individual accounts starting at age 18 for postsecondary education, primary residence purchase, qualified business capitalization, or long-term financial investments; earlier distributions permitted before age 18 for qualified tuition expenses.

Permits any person to make contributions to accounts, which are invested according to account owner election from Board-approved investment strategies; accounts protected from creditors and excluded from means-tested benefit calculations.

Appropriates $10,000,000 in nonrecurring General Fund monies for the 2024-2025 fiscal year, with initial deposits and contributions to begin no later than February 15, 2025.