Assembly Bill 761 proposes the creation of a new appropriation from the college savings program trust fund to the Department of Financial Institutions (DFI) to support higher education expenses for children born or adopted in Wisconsin who are designated beneficiaries of a college savings account. The bill establishes a new statutory section, 20.144 (3) (ti), which outlines the funding mechanism for deposits into these accounts, specifically for qualified higher education expenses. Additionally, the bill authorizes the creation of a new position within DFI to manage the program, which includes establishing master or interim holding accounts for these deposits.

The fiscal implications of the bill include an increase in funding for the DFI, with an appropriation of $446,900 for the fiscal year 2025-26 and $317,900 for the fiscal year 2026-27 to support the program's implementation and ongoing administration. This funding will cover the costs associated with the new position and the management of the college savings program, ensuring that eligible children in Wisconsin have access to financial resources for their higher education needs.