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Senate Bill S4555

2021-2022 Legislative Session

Establishes the New York baby opportunity fund

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2021-S4555 (ACTIVE) - Details

See Assembly Version of this Bill:
A4065
Current Committee:
Senate Finance
Law Section:
State Finance Law
Laws Affected:
Add §78-c, St Fin L
Versions Introduced in Other Legislative Sessions:
2019-2020: A11074
2023-2024: S2187, A4498
2025-2026: S4564, A6059

2021-S4555 (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.

2021-S4555 (ACTIVE) - Sponsor Memo

2021-S4555 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4555
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 5, 2021
                                ___________
 
 Introduced  by  Sens. BAILEY, HOYLMAN -- read twice and ordered printed,
   and when printed to be committed to the Committee on Finance
 
 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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08465-01-1

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