Happy birthday, baby, here's $500 -- courtesy of California taxpayers.

Legislation announced Wed- nesday would provide a tax-free, long-term investment account to every baby born in California, regardless of the parents' financial or immigration status.

Senate Bill 752 is meant to persuade more families to invest for the future.

"If we ask people to invest in California, California must invest in its people," said Sen. Darrell Steinberg, D-Sacramento, who is co-authoring the bill with Republican Sen. Bob Dutton of Rancho Cucamonga.

"Every child ought to grow up knowing that they are worth investing in, from birth on," Steinberg said.

The proposed account, called Kids Investment and Development Savings, or KIDS, is meant to grow until the child turns 18 and could withdraw the money for a house, education, vocational training or to roll over into a retirement account...

Gov. Arnold Schwarzenegger has taken no position on SB 752, which needs support from two-thirds of each house -- meaning Democrats and Republicans -- to pass. The bill is sponsored by New America Foundation, a nonprofit and nonpartisan group...

For the complete article, please visit The Sacramento Bee website.