Synopsis
This Act establishes the Baby Bond Account Fund (“Fund”) to deposit $2,000 in an account for an individual born on or after January 1, 2022, into a household with an annual household income that does not exceed 200% of the federal poverty level. The Plans Management Board, established under § 2722 of Title 29, is to then invest and otherwise administer the money in the individual accounts in the Fund. Once the individual turns 18 years old, the individual may request a distribution from the individual’s account for certain qualified expenses. The money in the individual’s account is excluded from the individual’s federal adjusted gross income for purposes of state taxation. This Act also makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.