CT HB05628

Permits rollover of funds from Connecticut higher education trust accounts (college savings accounts) into Achieving a Better Life Experience (ABLE) accounts, subject to federal law limitations.

Allows rollover of funds from qualified tuition programs established by other states under Section 529 of the Internal Revenue Code into Connecticut ABLE accounts.

Requires the State Treasurer to include written explanations of tax consequences when offering rollover options in participation agreements for both college savings and ABLE accounts.

Effective October 1, 2016, amending Connecticut General Statutes sections 3-22i, 3-22h, 3-39l, and 3-39k to implement rollover provisions.