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AL SB132
Bill
AI Summary
SB132 Summary
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Amends Sections 16-33C-3 and 16-33C-10 of the Alabama Code relating to the Wallace-Folsom Savings Investment Plan Act.
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Changes the ACES Program name from "Alabama College Education Savings Program" to "Alabama Comprehensive Education Savings Program."
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Clarifies definitions of terms including ABLE Program, ABLE Savings Account, ACES Program, ACES Savings Account, and other related savings program terminology to align with federal law (Internal Revenue Code Section 529 and Section 529A).
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Establishes that the ACES Program consists of the ACES Trust Fund, ACES Administrative Fund, and ACES Opportunity Enhancement Fund, with property and income exempt from state and local taxation.
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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 Education Savings Program
Last Action
Assigned Act No. 2021-167.
4/1/2021