HB 5558
To create the West Virginia Child Investment Account Matching Program.
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates the West Virginia Child Investment Account Matching Program, which aims to provide a one-time matching contribution to eligible West Virginia children’s Trump Accounts. An ‘eligible child’ is defined as a West Virginia resident who is eligible for a Trump Account under federal law. The program would be administered by the State Treasurer and could prioritize households with incomes below 300% of the federal poverty level.
Key provisions
- Establishes a matching program for West Virginia children’s Trump Accounts.
- The state will provide a one-time matching contribution of up to $250 per eligible child.
- Income-based prioritization criteria may be established, favoring households with incomes below 300% of the federal poverty level.
- The Treasurer can enter agreements with federal agencies and financial institutions.
- The Treasurer must establish procedures to verify eligibility and prevent duplicate payments.
- The program’s annual expenditure cannot exceed $2.5 million.
Who is affected
- West Virginia residents
- Children born in West Virginia
- Families with incomes below 300% of the federal poverty level (potentially)
Notable changes
- Creates a new state program to supplement federal Trump Accounts.
- Establishes a specific funding mechanism through legislative appropriation.
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