HB 3414
To automatically start a Smart 529 account for every newborn in West Virginia.
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates the Mountaineer Scholars Grant Program, which will automatically provide a $100 grant to every newborn child born in West Virginia. The grant is intended to be used to establish a Smart 529 account for the child’s future higher education expenses. The Department of Human Services will provide information to the Treasurer to determine eligibility and administer the program.
Key provisions
- Establishes the Mountaineer Scholars Grant Program.
- Provides a one-time $100 grant to eligible newborns.
- Requires the Department of Human Services to provide data to the Treasurer.
- Creates a Mountaineer Scholars Grant Program Account within the Savings Plan Trust Fund.
- Defines eligibility criteria for both the child and the educational institution.
- Allows for contributions to the savings program account.
- Provides for the availability of account balances to parents or guardians.
- Specifies the use of funds for qualified higher education expenses and program administration.
Who is affected
- Newborn children born in West Virginia
- Parents or legal guardians of eligible children
- West Virginia State Treasurer’s Office
- Eligible educational institutions
- The Higher Education System in West Virginia
Notable changes
- Creates a new grant program specifically for newborns.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours