LANSING, Mich. — Senate Republican Leader Aric Nesbitt on Thursday announced he will introduce legislation to encourage investments in Trump Accounts to help the next generation of children born in Michigan succeed by building long-term savings.

“Trump Accounts are a game-changer when it comes to investing in our kids’ futures,” said Nesbitt, R-Porter Township. “We cannot afford to let President Trump’s vision to give the next generation a jumpstart on the American dream pass us by. It is essential that we support families so they can capitalize on this golden opportunity to help our children grow up and make it in Michigan.”

Nesbitt said he will introduce legislation to allow a state tax deduction for Trump Account contributions up to the full $5,000 annual limit and invest $1,000 from the state — matching the U.S. Treasury contribution — into each account opened for children born in Michigan between Jan. 1, 2025, and Dec. 31, 2028.

The Working Families Tax Cuts, signed into law by President Donald Trump, allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts, according to the Internal Revenue Service. The account features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number.

The White House reported the Council of Economic Advisers estimates that, under a scenario of average returns in the U.S. stock market, a Trump Account opened for a baby born in 2026 would total $303,800 by age 18 and $1,091,900 by age 28 if maximum contributions are made. Without additional contributions beyond the Treasury deposit, the account would still total $5,800 by age 18 and $18,100 by age 28. Learn more at TrumpAccounts.gov.