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NY A11074
Bill
Status
10/7/2020
Primary Sponsor
Michael Benedetto
Click for details
AI Summary
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Establishes the New York Baby Opportunity Fund under joint custody of the state comptroller, commissioner of taxation and finance, and commissioner of health to provide financial accounts for eligible children.
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Deposits $1,000 into an individual account for each eligible child within six months of application, with funds invested to earn returns at least equal to a 30-year treasury bond rate.
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Restricts eligibility to children born after the law's effective date whose parents are New York residents with household income below 500% of the federal poverty level.
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Allows account holders to access funds only after age 18 while residing in New York, with withdrawals limited to qualified expenses: education costs, home ownership, or business establishment.
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Takes effect 120 days after enactment, with the state comptroller authorized to promulgate necessary rules and regulations immediately.
Legislative Description
Establishes the New York baby opportunity fund which deposits $1,000 into an account managed by the state comptroller to be available to eligible children when they reach the age of 18; provides such funds be used for education costs, the purchase of real estate, or entrepreneurship.
Last Action
referred to ways and means
10/7/2020