MADISON – A bipartisan group of Wisconsin lawmakers are seeking to create a savings account for every child born or adopted in the state.
Under a recently released bill, $25 would be deposited into each child’s account under a 529 college savings program dubbed “WisKids” that would grow with the child and ultimately could be used for educational costs later in life.
Democratic Rep. Evan Goyke of Milwaukee said the idea sprung, in part, from his own experience as a father of a 2-year-old son.
“We were so ready for this kid and part of that plan included, on our list of things to do, was to open a 529 account in his name and start our contributions and then life hits us … I didn’t do it right away,” Goyke said at a public hearing on the proposal last week. “Days became weeks, weeks became months … it was 20 months later. So almost two years of missed opportunity.”
“The earlier you start the bigger that principal grows,” he added.
Republican Rep. John Macco of Ledgeview, a bill co-author, said the WisKids program would use around $22 million in revenue generated from fees associated with the state’s Edvest college savings program. The money would be used to create accounts for around 60,000 children each year, he said.