Establishes New Jersey Baby Bond Account Program.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes the ‘New Jersey Baby Bond Account Program,’ creating a fund to provide $2,000 deposits into individual accounts for eligible infants born on or after January 1, 2021. Eligibility is based on household income (under 200% of the federal poverty level) and residency within New Jersey or establishing residency within six months of birth. The program is funded with a $70,000,000 appropriation, and a Baby Bond Account Board will oversee the fund’s investments and administration.
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