Assembly Bill A11074

2019-2020 Legislative Session

Establishes the New York baby opportunity fund

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2019-A11074 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Add §78-c, St Fin L
Versions Introduced in Other Legislative Sessions:
2021-2022: A4065
2023-2024: A4498

2019-A11074 (ACTIVE) - Summary

Establishes the New York baby opportunity fund which deposits $1,000 into an account managed by the state comptroller to be available to eligible children when they reach the age of 18; provides such funds be used for education costs, the purchase of real estate, or entrepreneurship.

2019-A11074 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11074
 
                           I N  A S S E M B L Y
 
                              October 7, 2020
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Benedetto)
   -- read once and referred to the Committee on Ways and Means
 
 AN ACT to amend the state finance law, in relation to  establishing  the
   New York baby opportunity fund
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The state finance law is amended by adding  a  new  section
 78-c to read as follows:
   § 78-C. NEW YORK BABY OPPORTUNITY FUND. 1. THERE IS HEREBY ESTABLISHED
 IN THE JOINT CUSTODY OF THE STATE COMPTROLLER, THE COMMISSIONER OF TAXA-
 TION AND FINANCE AND THE COMMISSIONER OF HEALTH THE NEW YORK BABY OPPOR-
 TUNITY FUND.
   2.  THE  NEW YORK BABY OPPORTUNITY FUND SHALL CONSIST OF MONEYS TRANS-
 FERRED TO THE FUND BY THE STATE COMPTROLLER FROM THE  GENERAL  FUND  AND
 ALL OTHER MONEYS APPROPRIATED, CREDITED, OR TRANSFERRED THERETO FROM ANY
 OTHER  FUND  OR  SOURCE  PURSUANT TO LAW. NOTHING CONTAINED HEREIN SHALL
 PREVENT THE STATE FROM RECEIVING  GRANTS,  GIFTS  OR  BEQUESTS  FOR  THE
 PURPOSES OF THE FUND AS DEFINED IN THIS SECTION AND DEPOSITING THEM INTO
 THE FUND ACCORDING TO LAW.
   3.  THE  DEPARTMENT OF HEALTH SHALL PROMULGATE APPLICATION FORMS TO BE
 SUBMITTED TO THE COMPTROLLER UPON THE BIRTH OF AN  ELIGIBLE  CHILD.  THE
 FUND SHALL PROVIDE FOR THE DEPOSIT OF ONE THOUSAND DOLLARS INTO AN INDI-
 VIDUAL  ACCOUNT  FOR EACH ELIGIBLE CHILD WITHIN SIX MONTHS OF RECEIPT OF
 AN APPLICATION TO THE FUND FOR SUCH CHILD. MONIES  WITHIN  EACH  ACCOUNT
 SHALL  BE  INVESTED IN A MANNER THAT GENERATES A RATE OF RETURN AT LEAST
 EQUAL TO THE RATE OF RETURN EARNED ON A THIRTY-YEAR TREASURY BOND.
   4. MONIES IN EACH ACCOUNT SHALL BE IDENTIFIED BY A UNIQUE  IDENTIFICA-
 TION NUMBER AND MAY ONLY BE ACCESSED BY THE ELIGIBLE CHILD FOR WHICH THE
 ACCOUNT  WAS  ORIGINALLY  CREATED.  IN  ORDER  TO ACCESS SUCH FUNDS, THE
 ELIGIBLE CHILD SHALL BE AT LEAST EIGHTEEN YEARS OLD AND A CURRENT  RESI-
 DENT  OF  THE STATE AT THE TIME OF WITHDRAWAL. SUCH MONIES SHALL ONLY BE
 UTILIZED FOR QUALIFIED EXPENSES.
   5. MONIES OF THE FUND SHALL BE EXPENDED BY THE STATE COMPTROLLER SOLE-
 LY FOR THE PURPOSE OF ADMINISTERING THE PROVISIONS OF THIS SECTION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.