{"data":{"id":"us-ri/r.i.-gen.-laws-35-24-1","jurisdiction":"us-ri","citation":"R.I. Gen. Laws § 35-24-1","heading":"Definitions.","body":"As used in this chapter:\n(1) “Designated beneficiary” means an individual who is:\n(i) Born on or after January 1, 2026; and\n(ii) Whose parent or guardian is enrolled in the Rhode Island works program pursuant to § 40-5.2-1 et seq., within the first twelve (12) months of their life.\n(2) “Eligible expenditure” means an expenditure associated with any of the following:\n(i) Continuing education of a designated beneficiary at an institution of higher learning, trade school, vocational school, or professional apprenticeship program in Rhode Island;\n(ii) Ownership of a home in Rhode Island by a designated beneficiary;\n(iii) Ownership of a business with a principal place of business in Rhode Island by a designated beneficiary; or\n(iv) Any investment in financial assets or personal capital that provides long-term gains to wages or wealth, as defined by regulation promulgated by the general treasurer.\n(3) “Trust” means the Rhode Island baby bond trust, which consists of:\n(i) All money from public or private sources appropriated or made available to the state for the benefit of the trust; and\n(ii) All earnings on the money in the trust.","path":["Title 35 Public Finance","CHAPTER 24 Rhode Island Baby Bond Trust"],"source_url":"https://webserver.rilegislature.gov/Statutes/TITLE35/35-24/35-24-1.htm","current_through":"site files published 2025-08-13","vintage":"","retrieved_at":"2026-09-05T19:58:59Z","sha256":"defb509169ae165892d38674ed2607e14224ef5c6f089c5ee9b15ad02b1be298","source_id":"us-ri","stale":true,"prev":"us-ri/r.i.-gen.-laws-35-23-18","next":"us-ri/r.i.-gen.-laws-35-24-2"},"notice":"GroundRules: Original legal text. Not legal advice."}