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AL HB469
Bill
Status
2/25/2021
Primary Sponsor
Andy Whitt
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AI Summary
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Renames the ACES Program from "Alabama College Education Savings" to "Alabama Comprehensive Education Savings Program," including all related administrative funds and savings accounts.
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Clarifies that ABLE Program, ABLE savings accounts, and ABLE trust fund terms are defined according to Section 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law.
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Clarifies that ACES Program, ACES savings accounts, and ACES trust fund terms are defined according to Section 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law.
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Updates terminology in Section 16-33C-10 to replace "college" with "higher education" and "costs" with "expenses" when describing qualified education expenses covered by the ACES Program.
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Takes effect on the first day of the third month following passage and approval by the Governor, or upon otherwise becoming law.
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.
College Education Savings Program
Last Action
Indefinitely Postponed
5/6/2021