FL S0472

Establishes the Developmental Disabilities Savings Program to allow families to save in advance for eligible services for children with developmental disabilities who become ineligible due to age.

Defines "qualified beneficiary" as individuals with developmental disabilities under age 22 at account opening and "eligible services" including respite care, rehabilitation, transportation, assistive technology, health services, housing assistance, education, and employment support.

Creates the Developmental Disabilities Savings Program Board consisting of seven members including the Chief Financial Officer, Director of the Agency for Persons with Disabilities, and three Governor-appointed experts in accounting, actuarial disciplines, risk management, or investment management.

Requires the board to obtain a written opinion from a federal securities law attorney and an Internal Revenue Service private letter ruling before implementing the program to ensure tax deferral and securities law compliance.

Program expires June 30, 2016, and takes effect July 1, 2013, or upon enactment of the federal ABLE Act of 2013, whichever is later.