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S 2166

Enacts the "Excelsior Opportunity Accounts Act"

2025 Regular Session Introduced by Jeremy Cooney

S 2166 - Enacts the "Excelsior Opportunity Accounts Act" OverviewBill Number: S 2166 Title: Enacts the "Excelsior Opportunity Accounts Act" Status: REFERRED TO BANKS Introduced:

REFERRED TO BANKS
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Bill Summary · S 2166

S 2166 - Enacts the "Excelsior Opportunity Accounts Act"

Overview

Bill Number: S 2166
Title: Enacts the "Excelsior Opportunity Accounts Act"
Status: REFERRED TO BANKS
Introduced: June 25, 2025

Purpose and Intent

The Excelsior Opportunity Accounts Act aims to establish a new state-administered savings program to help low- and moderate-income residents build wealth and access economic opportunities. The bill's sponsors argue that many families lack the means to save for major expenses like education, homeownership, or starting a business, hindering social and economic mobility. This legislation is intended to address that gap by providing financial incentives and support to encourage saving and investment.

Key Provisions

  • Creates "Excelsior Opportunity Accounts" - special savings accounts administered by the state that receive matching contributions from the government
  • Eligible individuals can open an account and make contributions, which will be matched by the state at a rate of 50 cents per dollar, up to an annual cap of $1,000 in matching funds
  • Funds in the accounts can be withdrawn tax-free for qualified expenses such as post-secondary education, job training, small business startup costs, or a down payment on a home
  • Establishes an Excelsior Opportunity Accounts Program Office to manage the accounts and provide financial counseling to participants
  • Appropriates $50 million in initial funding to capitalize the program and cover administrative costs

Affected Parties and Impacts

The Excelsior Opportunity Accounts program is designed to benefit low- and moderate-income state residents, defined as those with household incomes below 300% of the federal poverty level. By providing matching funds and tax-advantaged savings, the program aims to help these individuals and families accumulate assets and access economic opportunities that may have previously been out of reach.

Procedural and Timeline Considerations

S 2166 was introduced in the state legislature on June 25, 2025 and has been referred to the Senate Banks Committee for consideration. If enacted, the Excelsior Opportunity Accounts program would launch within 12 months, with the first round of account openings and matching contributions beginning in the following fiscal year.

Compiled from official sources — confirm details with the bill’s official record.

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