Bipartisan Bill Would Help Kansas Families Learn About Children’s Savings Options

Kansas families could soon have more information about savings and investment options for their children under bipartisan legislation introduced by U.S. Reps. Derek Schmidt, and Sharice Davids.

The Born to Invest Act would create a nationwide framework based on a program recently established in Kansas. The goal is to help parents and guardians learn about tax-advantaged accounts that can be used to save for children’s futures.

The legislation would direct the U.S. Treasury Department, working with the Department of Health and Human Services, to provide states with guidance on sharing information about options such as Trump Accounts, 529 college savings plans and ABLE accounts.

The bill also would encourage state treasurers and health departments to work together to provide families with information following a child’s birth.

Trump Accounts are new tax-preferred savings accounts. Eligible children born from 2025 through 2028 can receive a one-time $1,000 federal contribution. Families and other eligible contributors can add additional money to the accounts.