SECTION 1. In order to encourage every child in Massachusetts to seek higher education and to encourage residents of Massachusetts to stay in the commonwealth, there shall be established and set on the books of the commonwealth a program for investment by the commonwealth in the future college education of all newly born residents. The commonwealth shall deposit in a separate account to be maintained by the Massachusetts education financing authority or in the Massachusetts UFund, the sum of $5,000 for each child born in Massachusetts to Massachusetts residents, and said $5,000 will be accessible for use by each child for payment used for admission to an institution of higher education in Massachusetts. Exceptions will be defined by the department of revenue according to their current exceptions. There will be no tax implications on this initial deposit. Additional deposits to this fund are allowed and will have the same federal and state tax implications as the Massachusetts UFund.