An Act establishing a Massachusetts Baby Bonds program

Massachusetts Baby Bonds (HD 2031) creates a state trust fund providing financial support to low-income children born on or after July 1, 2024, who received TAFDC cash assistance or were under DCF care in their first year. The fund, administered by the state treasurer, offers designated beneficiaries access to money for eligible uses like community college, home purchases, entrepreneurship investments, or approved financial assets. Beneficiaries aged 18-35 can apply to use their allocated funds (called "accounting") for these purposes, but must use the funds within the state and cannot assign their share to others. Unused funds after age 35 or upon death before 35 return to the trust fund, and the program explicitly excludes these funds from asset calculations for welfare benefits.