As used in this chapter:
(1) “Designated beneficiary” means an individual who is:
(i) Born on or after January 1, 2026; and
(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.
(2) “Eligible expenditure” means an expenditure associated with any of the following:
(i) Continuing education of a designated beneficiary at an institution of higher learning, trade school, vocational school, or professional apprenticeship program in Rhode Island;
(ii) Ownership of a home in Rhode Island by a designated beneficiary;
(iii) Ownership of a business with a principal place of business in Rhode Island by a designated beneficiary; or
(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.
(3) “Trust” means the Rhode Island baby bond trust, which consists of:
(i) All money from public or private sources appropriated or made available to the state for the benefit of the trust; and
(ii) All earnings on the money in the trust.