CS for SB 642 Summary

• Establishes the Florida Achieving a Better Life Experience (ABLE) Act to create a qualified ABLE program allowing individuals with disabilities to save funds in tax-exempt accounts for qualified disability expenses.

• Creates Florida ABLE, Inc., a direct-support organization governed by a board of directors consisting of the Florida Prepaid College Board chair, financial experts, and disability advocates, to establish and administer the Florida ABLE program by July 1, 2016.

• Requires Florida ABLE, Inc. to operate under a written contract with the Florida Prepaid College Board; mandates annual financial audits, board meetings at least quarterly, and prohibits director compensation while allowing travel expense reimbursement.

• Exempts ABLE account funds from creditor claims and legal process; provides Medicaid recovery procedures upon a designated beneficiary's death with priority given to qualified disability expense distributions before Medicaid claims.

• Appropriates $2,166,000 in recurring and $1,220,000 in nonrecurring General Revenue Funds for fiscal year 2015-2016 to establish and operate Florida ABLE, Inc.; sunsets the program on October 1, 2020 unless legislatively renewed.