An act relating to establishing a baby bond trust program

This bill establishes the Vermont Baby Bond Trust, a state-administered program that provides $3,200 in savings accounts to children born on or after July 1, 2024, who qualify for Medicaid or SCHIP coverage at birth. The funds are intended for eligible expenses including education, purchasing a home or property in Vermont, starting a business, or contributing to retirement or education savings accounts. The program requires beneficiaries to complete a financial literacy course before age 18 to access their funds, and they must claim the money by their 30th birthday if they are still Vermont residents. The bill also ensures that money in the trust is not counted as income or assets for determining eligibility for government assistance programs.