SACRAMENTO, Calif. — Every child born in California would get a $500 savings account to start building a nest egg for college or a down payment for a home, under a state Senate bill introduced Wednesday.

California would be the first state with such a program, said David Lesher, a program director for the nonprofit New America Foundation, based in Washington. A national savings program has languished in Congress since 2005; a similar program has increased savings in Britain since 2002.

Under the bill, every child born in California after Jan. 1, 2008, would receive the money, regardless of their parents' income or immigration status. Recipients would have to repay the state's initial $500 investment once the turn 18.

The money may be used for three purposes: college or continuing education, a down payment on a home, or a retirement account.

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