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WI SB497
WI SB497Creating a baby bond program and baby bond fund, granting rule-making authority, and making an appropriation. (FE)
summary
Introduced
08/05/2021
08/05/2021
In Committee
08/05/2021
08/05/2021
Crossed Over
Passed
Dead
03/15/2022
03/15/2022
Introduced Session
2021-2022 Regular Session
Bill Summary
An Act to amend 20.144 (1) (g), 25.17 (3) (a) and 69.14 (1) (a); and to create 20.144 (5) (title), 20.144 (5) (a), 20.144 (5) (c), 20.144 (5) (j), 20.144 (5) (q), 25.14 (1) (a) 20., 25.17 (1) (aL), 25.18 (1) (q), 25.32, 71.05 (6) (b) 57., 71.78 (4) (v) and 224.58 of the statutes; Relating to: creating a baby bond program and baby bond fund, granting rule-making authority, and making an appropriation. (FE)
AI Summary
This bill creates a baby bond program and baby bond fund, granting rule-making authority to the Department of Financial Institutions and making an appropriation. The key provisions are:
1. Establishing a baby bond account for each child born in Wisconsin whose mother meets certain income eligibility criteria, with an initial deposit of $3,000 into the account.
2. Allowing the account beneficiary to access the funds in the account upon turning 18, if they are a Wisconsin resident and have completed a financial literacy course.
3. Permitting the Department of Financial Institutions to receive donations and other contributions to the program, and to use these funds to establish new accounts or allocate them among existing accounts.
4. Excluding the account balance and distributions from being considered for eligibility in need-based programs or benefits.
The bill also makes various appropriations and technical changes to support the implementation of the baby bond program.
Committee Categories
Budget and Finance
Sponsors (24)
Melissa Agard (D)*,
LaTonya Johnson (D)*,
Chris Larson (D)*,
Kelda Roys (D)*,
Bob Wirch (D)*,
Deb Andraca (D),
Samba Baldeh (D),
David Bowen (D),
Marisabel Cabrera (D),
Sue Conley (D),
Jodene Emerson (D),
Gary Hebl (D),
Supreme Moore Omokunde (D),
Greta Neubauer (D),
Sondy Pope (D),
Sara Rodriguez (D),
Katrina Shankland (D),
Kristina Shelton (D),
Christine Sinicki (D),
Lee Snodgrass (D),
Mark Spreitzer (D),
Shelia Stubbs (D),
Lisa Subeck (D),
Robyn Vining (D),
Last Action
Failed to pass pursuant to Senate Joint Resolution 1 (on 03/15/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://docs.legis.wisconsin.gov/2021/proposals/reg/sen/bill/sb497 |
| SB497 ROCP for Committee on Financial Institutions and Revenue | https://docs.legis.wisconsin.gov/2021/related/records/senate/financial_institutions_and_revenue/1687211.pdf |
| Fiscal Note - SB497: Fiscal Estimate From DFI | https://docs.legis.wisconsin.gov/2021/related/fe/sb497/sb497_dfi.pdf |
| Fiscal Note - SB497: Fiscal Estimate From DHS | https://docs.legis.wisconsin.gov/2021/related/fe/sb497/sb497_dhs.pdf |
| Fiscal Note - SB497: Fiscal Estimate From SWIB | https://docs.legis.wisconsin.gov/2021/related/fe/sb497/sb497_swib.pdf |
| Fiscal Note - SB497: Fiscal Estimate From DOR | https://docs.legis.wisconsin.gov/2021/related/fe/sb497/sb497_dor.pdf |
| BillText | https://docs.legis.wisconsin.gov/document/proposaltext/2021/REG/SB497.pdf |
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