Enacts the "Excelsior Opportunity Accounts Act"

2025 Regular Session Introduced by Brian Cunningham

Creates Excelsior Opportunity Accounts and assigns banks to administer them, with state oversight; aims to expand opportunities but key rules are not yet defined.

REFERRED TO BANKS

Summary: A 4086 — Excelsior Opportunity Accounts Act

At a glance

Bill number: A 4086

Title: Enacts the "Excelsior Opportunity Accounts Act"

Status: REFERRED TO BANKS

Introduced: January 31, 2025

Primary sponsor: Brian Cunningham

Related bills: S 2166 (companion), S 6902 (prior-session), A 4065 (prior-session)

Purpose and intent

The bill’s title indicates it would enact the Excelsior Opportunity Accounts Act. Based on the information provided, the specific goals, mechanisms, and uses of the proposed accounts are not detailed in the summary. The available materials confirm only the act’s introduction and referral to the Banks Committee. The intended purpose (e.g., whether these accounts are savings/educational, targeted toward particular populations, or designed to support economic opportunity) cannot be stated definitively without the bill text.

Key provisions (not specified in provided materials)

The full text is not available here, so the following typical provisions are not confirmed for A 4086. If the bill proceeds, expected categories to be defined could include:
- Creation and administration of “Excelsior Opportunity Accounts”
- Eligibility criteria for individuals or groups
- Funding sources (public, private, or mixed) and contribution limits
- Permitted uses of funds (education, training, entrepreneurship, employment-related activities, etc.)
- Restrictions on withdrawals and penalties
- Oversight and governance (state agency or financial regulator, reporting requirements)
- Tax treatment or financial incentives
- Sunset or periodic review provisions
- Penalties for noncompliance and enforcement mechanisms

Note: The exact provisions may differ; the above is a general framework of what such an act might include and should be confirmed against the actual text.

Affected parties and impact

Potential participants: Individuals who would qualify for and hold Excelsior Opportunity Accounts.

Financial institutions: Banks or other account-holding entities could serve as administrators or custodians.

State government and regulators: Oversight, reporting, and compliance responsibilities if the program is state-administered.

Stakeholders in prior/companion bills: Related legislation (e.g., S 2166) suggests ongoing interest and possible alignment with other proposals in the session.

Procedural history and timeline

Introduced and referred to the Banks Committee on January 31, 2025.

The provided record shows the same referral listed twice. No further actions (hearing dates, amendments, or floor votes) are recorded here.

Companion and related bills exist (e.g., S 2166, S 6902, A 4065) in prior sessions, indicating parallel or prior attempts to establish similar programs.

Sponsorship

Primary sponsor: Brian Cunningham.

Next steps for readers

Obtain the full bill text to review the exact definitions, eligible participants, funding mechanisms, and program rules.

Monitor the Banks Committee docket for hearings, amendments, and votes.

Compare with related bills (S 2166, S 6902, A 4065) to understand consistency or differences across bills seeking a similar framework.

If you provide the bill’s text, I can deliver a detailed provisions-by-provisions analysis.