Assembly Bill 1022 establishes a baby bond program in Wisconsin, which is designed to provide financial support to children born in the state. The bill mandates the Department of Financial Institutions (DFI) to create and manage a baby bond trust fund, into which $3,000 will be deposited for each eligible child born after the bill's effective date. Eligibility for the program is determined based on the mother's income level prior to the child's birth, and the funds can be used for various purposes, including postsecondary education, childcare, home purchases, business startups, or retirement savings. The bill also outlines the conditions under which beneficiaries can access these funds upon reaching 18 years of age.

To facilitate the program, the bill includes several amendments and new provisions in existing statutes. Notably, it creates a new section for the baby bond program and fund, establishes administrative expenses, and specifies the handling of donations and distributions. The bill also requires the State Registrar of Vital Records to provide birth records to DFI while ensuring the privacy of parents' social security numbers. Additionally, it amends existing laws to exempt the distribution from state income tax and allows for the termination of accounts under certain conditions. Overall, the bill aims to enhance financial security for children in Wisconsin through the establishment of a structured savings program.

Statutes affected:
Bill Text: 20.144(1)(g), 20.144, 25.17(3)(a), 25.17, 69.14(1)(a), 69.14, 69.22(6), 69.22