State finance: bonds; baby bond trust account program; create. Creates new act.

This bill establishes the Michigan Baby Bond Trust Account Program, which creates a separate savings account for every child born in the state on or after January 1, 2024. Each new account receives an initial deposit of $3,200 from the state fund and can only be used for specific purposes such as college tuition, buying a home, starting a business, or investing in financial assets. Children become eligible to withdraw these funds between ages 18 and 30, provided they live in Michigan and complete a financial literacy course; otherwise, the money returns to the state fund upon their 30th birthday or death. The legislation also ensures that withdrawals for eligible expenses are not counted as taxable income or assets for government benefit programs.