NC S279

Establishes a Baby Bond Program Trust Fund within the Department of State Treasurer, providing a one-time $2,000 deposit into individual accounts for infants born on or after January 1, 2024, whose household income does not exceed 200% of the federal poverty level

Allows distributions after age 18 for postsecondary education expenses, purchase of a primary residence, qualified business capitalization expenses, or investment in financial assets; early distributions permitted only for qualified tuition expenses

Creates a six-member Board of Trustees including the State Treasurer (as chair), Commissioner of Banks, Secretary of Health and Human Services, and three appointees with investment experience from the Governor and General Assembly

Protects individual accounts from creditor attachment and excludes them from consideration as resources or income for means-tested State benefits programs

Appropriates $10,000,000 in nonrecurring funds from the General Fund for fiscal year 2025-2026, with the program becoming effective July 1, 2025, and deposits beginning no later than February 15, 2026