CA SB1362

Requires the CalABLE program to deposit at least $250 into each new CalABLE account opened on or after July 1, 2025, for California resident beneficiaries.

Account must have been funded with an initial deposit of at least $50 by the designated beneficiary or eligible individual to qualify for the $250 deposit.

Authorizes the California ABLE Act Board to establish additional financial incentives to encourage increased contributions to CalABLE accounts.

Implementation is contingent upon legislative appropriation of funds for this purpose.