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AL HB274
Bill
Status
3/12/2015
Primary Sponsor
Ken Johnson
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AI Summary
HB274 Summary
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Renames the Wallace-Folsom College Savings Investment Plan to the Wallace-Folsom Savings Investment Plan to include the new ABLE Program alongside existing ACES and PACT programs.
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Establishes the Achieving a Better Life Experience (ABLE) Program under Section 529A of the Internal Revenue Code, allowing individuals and families to save private funds for disability-related expenses of disabled individuals in tax-advantaged accounts.
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Creates the ABLE Trust Fund comprised of separate ABLE Savings Accounts, with governance by a Savings Board consisting of 11 members including the State Treasurer, Lieutenant Governor, and various appointed representatives.
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Provides state income tax exemptions for all income, interest, dividends, and gains from ABLE savings accounts beginning January 1, 2016, and extends creditor protections with limited exception for the state of residency in case of beneficiary death.
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Appropriates $75,000 from the Unclaimed Property Reserve Fund and $75,000 from the State Treasury Operations Fund for fiscal year 2015 for development and implementation of the ABLE Program, with annual audits required by the Examiners of Public Accounts.
Legislative Description
Wallace-Folsom College Savings Investment Plan, named changed to Wallace-Folsom Savings Investment Plan, provide the Achieving a Better Life Experience (ABLE) program, definitions relating to ABLE, provide tax exemptions, appropriations for development of ABLE program, Secs. 16-33C-1, 16-33C-2, 16-33C-2.1, 16-33C-3, 16-33C-4, 16-33C-5, 16-33C-10, 16-33C-11, 16-33C-12, 40-18-19 am'd.
Wallace-Folsom College Savings Investment Plan
Last Action
Indefinitely Postponed
6/3/2015