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AL HB251
Bill
Status
3/15/2018
Primary Sponsor
Ken Johnson
Click for details
AI Summary
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Authorizes guardians and conservators to make contributions to and continue investment in ACES Program (Alabama College Education Savings Program) savings accounts for designated beneficiaries.
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Authorizes guardians and conservators to make contributions to and continue investment in ABLE Program (Achieving a Better Life Experience Program) savings accounts for designated beneficiaries with disabilities.
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Amends Sections 16-33C-1, 16-33C-3, 16-33C-10, and 16-33C-25 of the Code of Alabama 1975 to clarify definitions and permit these guardian and conservator contributions.
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Conforms applicable code sections to recent amendments to Section 529 of the Internal Revenue Code, which governs qualified education savings programs.
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Becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Wallace-Folsom Savings Investment Plan, certain contributions to savings accounts by guardians and conservators, authorized, Sec. 16-33C-25 am'd.
Education
Last Action
Forwarded to Governor at 12:09 p.m. on March 15, 2018.
3/15/2018