Budget Amendment ID: FY2020-S3-681

EHS 681

Children’s Savings Accounts

Mr. DiDomenico moved that the proposed new text be amended in section 50, by inserting, in line 6,  after the word “resources” in proposed subsection (b) of section 110 of chapter 5 of the acts of 1995, as most recently amended in section 53 of chapter 154 of the acts of 2018, the following words:-

“; and provided further, that the value and balance of any account designated in a child’s name intended to pay for higher education such as a children’s savings account or other long-term asset-building account established for a child and annually grown over the course of his or her lifetime shall be excluded from the family’s countable resources”