This bill proposes the addition of a new section, 12-2-7, to the Code of West Virginia, which authorizes the State Treasurer to coordinate the state's SMART529 educational savings program with federally established Trump Accounts. The bill outlines that the State Treasurer is permitted to develop educational strategies that align the two programs and may provide account holders with materials detailing the permissible uses, transfers, or rollovers of funds as dictated by federal law. Importantly, the bill clarifies that no funds may be transferred between the SMART529 Program and Trump Accounts unless allowed by federal regulations.

Additionally, the bill defines a "Trump Account" in accordance with federal law and specifies the criteria for an "eligible child" who can benefit from these accounts. An eligible child is defined as a qualifying child born between January 1, 2025, and December 31, 2028, who has not had a prior election made under this section and is a U.S. citizen. Overall, the bill aims to enhance educational savings options for families in West Virginia by integrating state and federal programs.

Statutes affected:
Introduced Version: 12-2-7