Establishes New Jersey Baby Bond Account Program.

The New Jersey Baby Bond Account Program (S 4458) creates individual savings accounts with $2,000 for eligible infants born on or after January 1, 2021. To qualify, infants must be born to families with income below 200% of the federal poverty level and establish New Jersey residency within six months of birth. Account holders can access funds for post-secondary education, home purchase, business startup, or other wealth-building investments once they turn 18 (with education expense exceptions for students). The program, funded by a $70 million appropriation, will be managed by a Baby Bond Account Board with oversight from the State Treasurer.