The proposed bill aims to establish the Mountaineer Scholars Grant Program in West Virginia, which will provide a one-time grant of $100 to each child born in the state after December 31, 2024. This initiative is designed to promote access to postsecondary educational opportunities by allowing eligible children to establish a qualified higher education savings program account. The bill outlines the definitions of key terms, such as "eligible child," "eligible educational institution," and "qualified higher education expenses," and mandates that the Department of Human Services provide necessary information to the West Virginia State Treasurer's Office to administer the program effectively.

Additionally, the bill stipulates that the Treasurer will ensure the security and confidentiality of the information received and will notify parents or guardians of eligible children about the program. The Mountaineer Scholars Grant Program Account will be established within the Savings Plan Trust Fund Account, with funds allocated based on the number of children born in West Virginia each fiscal year. The Treasurer will also have the authority to receive contributions from individuals or entities to support the program, and parents or guardians will have access to account balances through a secured online platform.

Statutes affected:
Introduced Version: 18-30B-1