The proposed bill aims to establish the "West Virginia Child Investment Account Matching Program Act," which will create a matching program for the Trump Account, a federally established investment or savings account for eligible children born in West Virginia. The program, administered by the West Virginia State Treasurer, will provide a one-time matching contribution of up to $250 for each eligible child, with a total annual cap of $2.5 million. The bill also allows for income-based prioritization, favoring households with incomes not exceeding three hundred percent of the federal poverty level, and requires that the child must already have an established Trump Account.

Additionally, the bill outlines the administrative responsibilities of the Treasurer, including the ability to enter into agreements with federal agencies and financial institutions, as well as establishing verification procedures to confirm eligibility and prevent benefit duplication. The Treasurer is also authorized to promulgate legislative rules to implement the program. Importantly, the bill clarifies that the matching contribution does not create an entitlement, as it will be subject to legislative appropriation.

Statutes affected:
Introduced Version: 18-30B-1, 18-30B-2, 18-30B-3, 18-30B-4, 18-30B-5, 18-30B-6