WI AB996

Department of Financial Institutions (DFI) must make a $1,000 matching contribution to Trump accounts for eligible children who were born in Wisconsin and reside in the state at the time of contribution

Eligibility requires the federal Treasury Department to have already made a payment to the Trump account under the federal pilot program

Trump accounts are a type of traditional IRA for individuals under 18, with restrictions on investments and distributions until the beneficiary reaches adulthood

DFI contributions are limited to available funds and capped at one contribution per account

State contributions are classified as qualified general contributions, which are not taxable to recipients and not subject to annual contribution limits