General Assembly; Baby Bond Savings Plan Trust Fund; authorize creation - CA
Impact
If passed, HR99 would lead to the creation of a Baby Bond Savings Plan Trust Fund. Managed by a board designated by law, this fund would be specifically reserved for qualified expenses that beneficiaries could utilize for a range of purposes including higher education, home purchases, and investments. The financial resources accumulated in this trust would not be considered state property, thus ensuring the funds are kept separate from other state revenues and not susceptible to general state appropriations.
Summary
House Resolution 99 (HR99) proposes an amendment to the Constitution of Georgia, specifically to authorize the General Assembly to establish and fund a 'Baby Bond Savings Program.' This program aims to allow the state or any political subdivisions to utilize public funds for the benefit of citizens without requiring a reciprocal benefit. The intent is to provide financial support for young individuals through a dedicated savings plan that could foster better economic opportunities for beneficiaries in the future.
Contention
The bill has stirred various discussions regarding fiscal responsibilities and the prudent use of public funds. Proponents of HR99 argue that investing in baby bonds could significantly aid families in Georgia, helping them secure a stable financial future. Critics, however, express concerns over the implications of utilizing public funds without a direct benefit to the state or its economy, questioning the sustainability and long-term viability of such initiatives amidst existing budgetary constraints.
Next steps
HR99 will be submitted for ratification or rejection, requiring voters to decide on the proposed amendment. The public will be asked to weigh in on whether to approve the allowance for public funds to be spent on this program, highlighting ongoing dialogues about state expenditure and support systems for its citizens.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.
Proposes temporary constitutional amendment allowing State constitutional convention convened to reform system of property taxation to propose statutory changes.
(Constitutional Amendment) Provides for the election of constitutional convention delegates and vote requirements necessary for the adoption of a new constitution (RR SEE FISC NOTE GF EX)
(Constitutional Amendment) Modifies disposition of certain state revenues through repeal of the Revenue Stabilization Trust Fund and deposits of certain revenue streams into the Budget Stabilization Fund (RRF INCREASE GF RV See Note)
(Constitutional Amendment) Provides relative to the application of state monies to the unfunded accrued liability of the Teachers' Retirement System of La. (EN DECREASE SD RV See Note)
Proposing An Amendment To Article Xvii, Section 3 Of The Hawaii Constitution To Specify That The Standard For Voter Approval Of A Constitutional Amendment Proposed By The Legislature Is A Majority Of All The Votes Tallied Upon The Question.