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WV HB3414
Bill
Status
Introduced
3/17/2025
Primary Sponsor
Keith Marple
Click for details
AI Summary
- Establishes the Mountaineer Scholars Grant Program to provide a one-time $100 grant for every child born in West Virginia after December 31, 2024, to establish a college savings account
- Requires the Department of Human Services to transmit birth information to the State Treasurer within 90 days of an eligible child's birth to facilitate account creation
- Eligible children must be West Virginia residents at birth and when applying for the grant, or adoptees whose parents were state residents when the adoption decree was entered
- Grant funds plus accumulated investment earnings can only be used for qualified higher education expenses at eligible educational institutions as defined by IRS Section 529
- Parents or guardians may opt out of the program and can access account balances through a secured internet portal managed by the Treasurer
Legislative Description
To automatically start a Smart 529 account for every newborn in West Virginia.
Finance and Administration
Last Action
To House Education
3/17/2025
Committee Referrals
Education3/17/2025
Full Bill Text
No bill text available