Senate Bill 753 proposes the creation of a new appropriation under section 20.144 (3) (ti) of the statutes, which will allocate funds from the college savings program trust fund to the Department of Financial Institutions (DFI). This funding is intended to support higher education expenses for children who were born or adopted in Wisconsin, reside in the state, and are designated beneficiaries of a college savings account. The bill also establishes an additional position within DFI to manage a program that creates master or interim holding accounts under the college savings program, allowing for deposits into these accounts for the specified beneficiaries.

The bill outlines a fiscal increase for the department, with an appropriation of $446,900 for the 2025-26 fiscal year and $317,900 for the 2026-27 fiscal year to cover the implementation and ongoing administration of the program. This funding will facilitate the establishment of holding accounts and ensure that the designated beneficiaries can access funds for their qualified higher education expenses.