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WI SB1008
Bill
Status
Introduced
2/12/2026
Primary Sponsor
Kelda Roys
Click for details
AI Summary
- Creates a baby bond program administered by the Department of Financial Institutions, establishing $3,000 accounts for children born to mothers who met Medical Assistance income requirements the day before birth
- Account balances grow through investment by the State of Wisconsin Investment Board and may include allocated donations; beneficiaries receive annual statements showing their balance
- At age 18, beneficiaries may withdraw funds after completing a financial literacy course and certifying use for eligible expenses: postsecondary education, child care/education for dependents, home purchase, starting a business, or retirement savings contributions
- Wisconsin residency required for distribution, with an exception allowing beneficiaries who moved away to qualify after returning and residing in Wisconsin for at least one year
- Distributions are exempt from state income tax and account balances cannot be considered when determining eligibility for need-based state or local programs; accounts terminate if unrequested by age 30, with remaining balances recycled into the fund
Legislative Description
Creating a baby bond program and baby bond fund, granting rule-making authority, and making an appropriation. (FE)
Last Action
Fiscal estimate received
3/10/2026
Committee Referrals
Licensing, Regulatory Reform, State and Federal Affairs2/12/2026
Full Bill Text
No bill text available