CS/HB 935 Summary

• Establishes the Florida ABLE program as a tax-exempt savings account for individuals with disabilities to pay qualified disability expenses, to be administered by Florida ABLE, Inc., a direct-support organization created by July 1, 2016.

• Creates a board of directors for Florida ABLE, Inc., consisting of the Florida Prepaid College Board chair, two individuals with accounting/investment expertise, and two disability advocates; board members serve without compensation but may be reimbursed for travel expenses.

• Requires participation agreements specifying that accounts are not state obligations, prohibits federal law violations, limits contributions to IRS Code Section 529A amounts, and allows voluntary liquidation of accounts for material misrepresentation.

• Protects ABLE account funds from creditor claims and legal process except for Medicaid recovery of medical assistance provided to deceased beneficiaries, with priority given to qualified disability expenses before Medicaid claims.

• Exempts moneys in qualified ABLE programs, including the Florida ABLE program, from attachment, levy, garnishment, or legal process; requires annual financial audits and reporting to the Governor and Legislature; and repeals the section on October 1, 2020, unless renewed by the Legislature.