HB 188 Summary: Alaska ABLE Savings Program Act

• Creates the Alaska Savings Program for Eligible Individuals (ABLE program) under Department of Revenue administration to allow individuals with disabilities to establish tax-advantaged savings accounts under federal law 26 U.S.C. 529A.

• Exempts program contracts from Alaska State Procurement Code requirements and exempts participant information from public records inspection to protect participant privacy.

• Provides that ABLE program accounts are not considered securities and prohibits using accounts as security for loans.

• Allows the state to file claims against deceased beneficiaries' program accounts to recover Medicaid payments made after account establishment, subject to federal law requirements.

• Department of Revenue must submit annual program evaluations to the legislature beginning with the Second Regular Session of the Thirtieth Alaska State Legislature.