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AL SB226
Bill
AI Summary
SB226 Summary
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Renames the Wallace-Folsom College Savings Investment Plan to the Wallace-Folsom Savings Investment Plan and establishes the ABLE (Achieving a Better Life Experience) Program to help individuals with disabilities save funds for qualified disability expenses.
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Creates the ABLE Trust Fund comprised of separate ABLE Savings Accounts; establishes an 11-member Savings Board to oversee both the ABLE and ACES programs with the State Treasurer as chair.
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Provides income tax exemptions for ABLE savings accounts beginning January 1, 2016, allowing tax-free growth and withdrawals for qualified disability expenses as defined under Section 529A of the Internal Revenue Code.
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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 to develop and implement the ABLE Program.
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Exempts ABLE and ACES program assets and income from state and local taxation; requires annual audits by the Examiners of Public Accounts and allows the Savings Board to contract with other states for ABLE program participation.
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
Assigned Act No. 2015-442.
6/4/2015