Baby Bond Trust Fund.

SB 279 establishes a Baby Bond Trust Fund that automatically deposits $2,000 into individual accounts for eligible North Carolina infants born on or after January 1, 2024. Eligibility requires parents to reside in North Carolina (or establish residency within six months of birth) and have household income at or below 200% of the federal poverty level. Funds in these accounts cannot be accessed before age 18 (except for qualified education expenses), and after age 18, distributions may be used for postsecondary education, home purchases, business startup, or approved long-term investments. The State Treasurer administers the accounts with a Board of Trustees, ensuring funds remain protected from creditors and are managed solely for the account holder’s benefit.