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AL HB149
Bill
Status
3/3/2020
Primary Sponsor
Andy Whitt
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AI Summary
HB149 Summary
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Amends Sections 16-33C-3 and 16-33C-10 of the Code of Alabama 1975 to rename the ACES Program from "Alabama College Education Savings" to "Alabama Comprehensive Education Savings Program."
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Renames the ACES Administrative Fund and ACES savings accounts to align with the new comprehensive education savings designation under the Wallace-Folsom Savings Investment Plan Act.
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Clarifies that key terms in the program, including "qualified higher education expenses" and "eligible designated beneficiary," are defined as provided in Section 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law.
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Establishes that the ACES Program consists of the ACES Trust Fund, ACES Administrative Fund, and ACES Opportunity Enhancement Fund, all held within the State Treasurer's office.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Wallace-Folsom Savings Investment Plan Act, ACES Program, name of and name of Admin Fund and savings accounts changed to AL Comprehensive Education Savings Program, definitions clarified, Secs. 16-33C-3, 16-33C-10 am'd.
Alabama College Edcuation Savings Program
Last Action
Read for the first time and referred to the Senate committee on Banking and Insurance
3/5/2020