Funds the Rhode Island baby bonds trust program using unclaimed property remittances, avoiding taxpayer dollars.

This bill amends the Rhode Island General Laws to fund the baby bonds trust program through annual allocations of unclaimed property remittances. It avoids using taxpayer dollars by making these funds available from unclaimed property. The program provides a one-time $3,000 allocation for each designated beneficiary born in the preceding calendar year. The administrator must record the names and addresses of those entitled to the property and make the record available for public inspection. The bill takes effect on July 1, 2027.

Funds the Rhode Island baby bonds trust program using unclaimed property remittances, avoiding taxpayer dollars.

This bill amends the Rhode Island General Laws to fund the baby bonds trust program through annual allocations of unclaimed property remittances. It avoids using taxpayer dollars by making these funds available from unclaimed property. The program provides a one-time $3,000 allocation for each designated beneficiary born in the preceding calendar year. The administrator must record the names and addresses of those entitled to the property and make the record available for public inspection. The bill takes effect on July 1, 2027.