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Wisconsin Legislature: SB1008: Bill Text
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SB1008: Bill Text
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2025 - 2026 LEGISLATURE
LRB-0431/1
ARG:cdc
2025 SENATE BILL 1008
February 12, 2026 - Introduced by Senators
Roys
,
Drake
,
Larson
and
Spreitzer
, cosponsored by Representatives
Vining
,
Clancy
,
Madison
,
Moore Omokunde
,
Neubauer
,
Miresse
,
Sinicki
,
Snodgrass
and
Stubbs
. Referred to Committee on Licensing, Regulatory Reform, State and Federal Affairs.
SB1008,1,6
1
An Act
to amend
20.144 (1) (g), 25.17 (3) (a), 69.14 (1) (a) and 69.22 (6);
to
2
create
20.144 (5) (title), 20.144 (5) (a), 20.144 (5) (c), 20.144 (5) (j), 20.144 (5)
3
(q), 25.14 (1) (a) 20., 25.17 (1) (aL), 25.18 (1) (q), 25.32, 69.20 (3) (b) 6., 69.20 (3)
4
(i), 71.05 (6) (b) 57., 71.78 (4) (w) and 224.58 of the statutes;
relating to:
5
creating a baby bond program and baby bond fund, granting rule-making
6
authority, and making an appropriation.
Analysis by the Legislative Reference Bureau
This bill requires the Department of Financial Institutions to establish and administer a baby bond program and creates a baby bond trust fund managed by the State of Wisconsin Investment Board.
Under the bill, the State Registrar of Vital Records must provide to DFI a copy of the record of birth for each child born in the state on or after the bill’s effective date. In consultation with the Department of Health Services and the Department of Revenue, DFI must determine whether, on the day before the child was born, the child’s mother met the income requirements for the Medical Assistance program, and if this criteria is satisfied, DFI must establish a baby bond account for the child, with the child designated as the account beneficiary. DFI must then deposit $3,000 into the baby bond trust fund and credit this amount to the child’s baby bond account. The amount in the account consists of the initial $3,000, investment income generated through management of the baby bond trust fund by SWIB, and any allocated donations, gifts, grants, bequests, or other contributions received by the baby bond program. When the account beneficiary attains 18 years of age, if certain conditions are satisfied, the account beneficiary may receive distribution of the full account balance to pay expenses associated with postsecondary education of the account beneficiary; child care or education of a minor dependent of the account beneficiary; the purchase of a home by the account beneficiary; starting a business by the account beneficiary; or contributing to a retirement savings account by the account beneficiary. Upon application to DFI, an account beneficiary is eligible for distribution of the account balance if all of the following requirements are satisfied: 1) the account beneficiary is at least 18 years of age; 2) with an exception, the account beneficiary and at least one of the account beneficiary’s parents is a Wisconsin resident; 3) the account beneficiary has successfully completed a financial literacy course developed by DFI; and 4) the account beneficiary certifies that the account beneficiary will use the money distributed only to pay expenses described above. If an account beneficiary or the account beneficiary’s parents relocate from Wisconsin prior to the account beneficiary’s 18th birthday, the account beneficiary is eligible for the distribution if the account beneficiary returns to Wisconsin and remains a Wisconsin resident for at least one year thereafter. A distribution from an account is not subject to state income tax. DFI may terminate an account beneficiary’s account if the account beneficiary dies, the account balance is $0, or the account beneficiary is at least 30 years of age and has not requested a distribution or has failed to satisfy the conditions for distribution. The balance of an account that is terminated remains in the baby bond trust fund for further use for the baby bond program.
Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.
For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
SB1008,1
1
Section
1
.
20.144 (1) (g) of the statutes is amended to read:
SB1008,3,7
2
20.144
(1)
(g)
General program operations.
The amounts in the schedule for
3
the general program operations of the department of financial institutions. Except
4
as provided in pars. (a), (h), (i), (j), and (u) and
sub.
subs.
(3)
and (5)
, all moneys
1
received by the department, other than by the office of credit unions and the
2
division of banking, and 88 percent of all moneys received by the office of credit
3
unions and the department’s division of banking shall be credited to this
4
appropriation, but any balance at the close of a fiscal year under this appropriation
5
shall lapse to the general fund. Annually, $150,000 of the amounts received under
6
this appropriation account shall be transferred to the appropriation account under
7
s. 20.575 (1) (g).
SB1008,2
8
Section
2
.
20.144 (5) (title) of the statutes is created to read:
SB1008,3,9
9
20.144
(5)
(title)
Baby bond program.
SB1008,3
10
Section
3
.
20.144 (5) (a) of the statutes is created to read:
SB1008,3,12
11
20.144
(5)
(a)
Administrative expenses.
A sum sufficient for the
12
administrative expenses of the baby bond program under s. 224.58.
SB1008,4
13
Section
4
.
20.144 (5) (c) of the statutes is created to read:
SB1008,3,15
14
20.144
(5)
(c)
Deposits into baby bond fund.
A sum sufficient for deposits into
15
the baby bond fund as provided in s. 224.58 (3) (b) 2.
SB1008,5
16
Section
5
.
20.144 (5) (j) of the statutes is created to read:
SB1008,3,20
17
20.144
(5)
(j)
Donations, gifts, and grants.
All moneys received from
18
donations, gifts, grants, bequests, or other contributions to the baby bond program
19
under s. 224.58, to carry out the purpose for which received, including deposit into
20
the baby bond fund.
SB1008,6
21
Section
6
.
20.144 (5) (q) of the statutes is created to read:
SB1008,4,2
22
20.144
(5)
(q)
Payment of distributions; crediting accounts.
From the baby
1
bond fund, a sum sufficient for the payment of distributions under s. 224.58 (4) and
2
to credit accounts under s. 224.58 (3) (b) 2.
SB1008,7
3
Section
7
.
25.14 (1) (a) 20. of the statutes is created to read:
SB1008,4,4
4
25.14
(1)
(a) 20. The baby bond fund.
SB1008,8
5
Section
8
.
25.17 (1) (aL) of the statutes is created to read:
SB1008,4,6
6
25.17
(1)
(aL) Baby bond fund (s. 25.32);
SB1008,9
7
Section
9
.
25.17 (3) (a) of the statutes is amended to read:
SB1008,4,15
8
25.17
(3)
(a) Invest the core retirement investment trust,
baby bond fund,
9
state life fund, local government property insurance fund, veterans trust fund, and
10
injured patients and families compensation fund in loans, securities, and any other
11
investments authorized by s. 620.22, and in bonds or other evidences of
12
indebtedness or preferred stock of companies engaged in the finance business
13
whether as direct lenders or as holding companies owning subsidiaries engaged in
14
the finance business. Investments permitted by sub. (4) are permitted investments
15
under this subsection.
SB1008,10
16
Section
10
.
25.18 (1) (q) of the statutes is created to read:
SB1008,4,19
17
25.18
(1)
(q) Invest any of the assets of the baby bond fund in any investment
18
that is an authorized investment for assets in the variable retirement investment
19
trust under s. 25.17 (5).
SB1008,11
20
Section
11
.
25.32 of the statutes is created to read:
SB1008,4,23
21
25.32
Baby bond fund. (1)
There is established a separate nonlapsible
22
trust fund designated as the baby bond fund. The fund shall consist of all of the
23
following:
SB1008,5,1
1
(a) Money deposited into the fund under s. 224.58 (3) (b) 2.
SB1008,5,3
2
(b) All donations, gifts, grants, bequests, or other contributions deposited into
3
the fund under s. 224.58 (6).
SB1008,5,4
4
(c) All earnings and other investment income of the fund.
SB1008,5,7
5
(2)
Except as provided in s. 25.187, moneys in the baby bond fund may be
6
expended only for the purpose of making distributions under s. 224.58 (4) and
7
deposits under s. 224.58 (3) (b) 2.
SB1008,12
8
Section
12
.
69.14 (1) (a) of the statutes is amended to read:
SB1008,5,13
9
69.14
(1)
(a)
Filing deadline.
A record of birth for every birth that occurs in
10
this state shall be filed within 5 days after the birth with the state registrar, who
11
shall register the birth under this subchapter.
The state registrar shall submit a
12
copy of the record of birth to the department of financial institutions, but shall
13
redact from the copy any parent’s social security number.
SB1008,13
14
Section
13
.
69.20 (3) (b) 6. of the statutes is created to read:
SB1008,5,17
15
69.20
(3)
(b) 6. The information is submitted to the department of financial
16
institutions for the purpose of administering the baby bond program under s.
17
224.58.
SB1008,14
18
Section
14
.
69.20 (3) (i) of the statutes is created to read:
SB1008,5,21
19
69.20
(3)
(i) The state registrar shall disclose information on birth records,
20
other than a parent’s social security number, to the department of financial
21
institutions for use in the administration of the baby bond program under s. 224.58.
SB1008,15
22
Section
15
.
69.22 (6) of the statutes is amended to read:
SB1008,6,5
23
69.22
(6)
The state registrar may charge a reasonable fee for providing
1
searches of vital records and for providing copies of vital records to state agencies
2
for program use
, except that no fee may be charged for providing a copy of the record
3
of birth to the department of financial institutions under s. 69.14 (1) (a)
. The
4
register of deeds may provide free searches and free copies to agencies in his or her
5
county at the direction of the county board.
SB1008,16
6
Section
16
.
71.05 (6) (b) 57. of the statutes is created to read:
SB1008,6,8
7
71.05
(6)
(b) 57. The amount of a distribution made to an account beneficiary,
8
as defined in s. 224.58 (1) (b), under s. 224.58 (4).
SB1008,17
9
Section
17
.
71.78 (4) (w) of the statutes is created to read:
SB1008,6,11
10
71.78
(4)
(w) The department of financial institutions and the department of
11
health services for the purpose of determining eligibility under s. 224.58 (3) (a) 1.
SB1008,18
12
Section
18
.
224.58 of the statutes is created to read:
SB1008,6,13
13
224.58
Baby bond program.
(1)
Definitions.
In this section:
SB1008,6,15
14
(a) “Account” means a baby bond account established by the department
15
under sub. (3).
SB1008,6,17
16
(b) “Account beneficiary” means an individual for whom the department
17
establishes an account.
SB1008,6,18
18
(c) “Domestic business entity” has the meaning given in s. 180.1100 (2).
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