CT SB01476

Aligns Connecticut's ABLE (Achieving a Better Life Experience) account program with federal Section 529A of the Internal Revenue Code by adopting federal definitions for key terms including "designated beneficiary," "eligible individual," and "qualified disability expenses"

Expands who can establish an ABLE account on behalf of an eligible individual by replacing the specific hierarchy (agent, conservator, guardian, spouse, parent, sibling, grandparent, representative payee) with the broader federal standard of "authorized individual"

Broadens asset protection by requiring ABLE account funds to be disregarded when determining eligibility for any means-tested public assistance program administered by the state or its political subdivisions, rather than only specific enumerated programs

Authorizes the State Treasurer to pay fees associated with administering individual ABLE accounts and clarifies that unclaimed trust assets upon termination will be governed by the state's unclaimed property statute rather than reverting to the state

Takes effect upon passage and amends Connecticut General Statutes sections 3-39j through 3-39r governing the Connecticut Achieving A Better Life Experience Trust