Senate Bill 1008 establishes a baby bond program in Wisconsin, which is designed to provide financial support to children born to families meeting certain income criteria. 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 at birth. The funds will be credited to a baby bond account for the child, which can grow through investment income and additional contributions. Upon reaching 18 years of age, beneficiaries can access these funds for specific purposes, including education, childcare, home purchases, business startups, or retirement savings, provided they meet certain conditions, such as completing a financial literacy course.

The bill includes several amendments and new provisions to existing statutes, such as requiring the State Registrar of Vital Records to submit birth records to DFI while redacting parents' social security numbers. It also creates new sections related to the baby bond program, including the establishment of the baby bond fund and the rules governing its administration. Notably, the bill specifies that distributions from the baby bond accounts will not be subject to state income tax and outlines the conditions under which accounts may be terminated. Additionally, it ensures that no fees will be charged for providing birth records to DFI for the program's purposes.

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