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WI SB753
WI SB753Funding for the department of financial institutions from the college savings program trust fund and making an appropriation. (FE)
summary
Introduced
12/12/2025
12/12/2025
In Committee
01/27/2026
01/27/2026
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
This bill creates an annual appropriation to the Department of Financial Institutions, from the college savings program trust fund, to fund higher education expenses for children who were born or adopted in this state, reside in this state, and are designated beneficiaries of a college savings account. The bill also creates an additional position in DFI to administer a program in which DFI establishes master or interim holding accounts under the college savings program and makes deposits, for higher education expenses, into accounts established for children who were born or adopted in this state, reside in this state, and are designated beneficiaries of a college savings account. The bill provides funding, from the college savings program trust fund, for this position and for the implementation and administration of the program. For further information see the state fiscal estimate, which will be printed as an appendix to this bill.
AI Summary
This bill creates a new funding mechanism and program within the Department of Financial Institutions (DFI) to support college savings for Wisconsin-born or adopted children. Specifically, the bill establishes a new appropriation from the college savings program trust fund to fund deposits directly or indirectly into college savings accounts for children who were born or adopted in Wisconsin and are designated beneficiaries of a college savings account. The bill authorizes an additional 1.0 full-time equivalent (FTE) position at DFI to administer this new program, which will involve establishing master or interim holding accounts and making deposits for qualified higher education expenses. The fiscal provisions allocate $446,900 in funding for fiscal year 2025-26 to implement and administer the program, and $317,900 for ongoing administration in fiscal year 2026-27. The program aims to support higher education expenses for Wisconsin children by providing a structured mechanism for college savings account deposits.
Committee Categories
Budget and Finance
Sponsors (24)
Rachael Cabral-Guevara (R)*,
Tim Carpenter (D)*,
Dianne Hesselbein (D)*,
LaTonya Johnson (D)*,
Sarah Keyeski (D)*,
Chris Larson (D)*,
Melissa Ratcliff (D)*,
Kelda Roys (D)*,
Mark Spreitzer (D)*,
Clint Anderson (D),
Elijah Behnke (R),
Ben DeSmidt (D),
Russell Goodwin (D),
Rick Gundrum (R),
Alex Joers (D),
Dean Kaufert (R),
Dan Knodl (R),
Rob Kreibich (R),
Maureen McCarville (D),
Jim Piwowarczyk (R),
Lee Snodgrass (D),
Angela Stroud (D),
Lisa Subeck (D),
Randy Udell (D),
Last Action
Senator Dassler-Alfheim added as a coauthor (on 02/17/2026)
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/2025/proposals/reg/sen/bill/sb753 |
| SB753 ROCP for Committee on Financial Institutions and Sporting Heritage | https://docs.legis.wisconsin.gov/2025/related/records/senate/financial_institutions_and_sporting_heritage/1967806.pdf |
| Fiscal Note - SB753: Fiscal Estimate From DFI | https://docs.legis.wisconsin.gov/2025/related/fe/sb753/sb753_dfi.pdf |
| BillText | https://docs.legis.wisconsin.gov/document/proposaltext/2025/REG/SB753.pdf |
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