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AL SB231
Bill
AI Summary
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Amends Sections 16-33C-3 and 16-33C-10 of the Code of Alabama 1975 relating to the Wallace-Folsom Savings Investment Plan Act.
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Changes the name of the ACES Program from "Alabama College Education Savings" to "Alabama Comprehensive Education Savings Program," along with corresponding changes to the Administrative Fund and savings accounts.
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Clarifies that terms used in the program, including "qualified higher education expenses," "designated beneficiary," and other key definitions, are defined as provided in Section 529 of the Internal Revenue Code of 1986 or other applicable federal law.
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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 Finance and Taxation Education
2/25/2020