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IN HB1407
Bill
Status
1/19/2016
Primary Sponsor
Julie Olthoff
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AI Summary
HB 1407 Summary
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Creates the Achieving a Better Life Experience (ABLE) authority and ABLE board to establish and manage a qualified ABLE program allowing tax-advantaged savings accounts for individuals with disabilities.
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Establishes eligibility requirements for individuals entitled to Social Security disability/blindness benefits before age 26 or with filed disability certification under Internal Revenue Code Section 529A.
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Defines qualified disability expenses including education, housing, transportation, employment training, assistive technology, health, legal fees, and funeral expenses.
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Creates three funds (general operating fund, endowment fund, and trust fund with administrative and program accounts) with ABLE account earnings exempt from state and federal taxation to the extent allowed by federal law.
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Establishes a 7-member board consisting of three ex officio members (treasurer of state, secretary of family and social services, budget director) and four governor-appointed members with expertise in academic, business, financial, disability, or health fields.
Legislative Description
ABLE authority and board. Creates the achieving a better life experience (ABLE) authority (authority) and the ABLE board (board) of the authority. Requires the authority to establish a qualified ABLE program under which a person may make contributions for a taxable year for the benefit of an eligible individual to an ABLE account to meet the qualified disability expenses of the designated beneficiary in compliance with federal law. Sets forth duties and powers of the authority and the board. Establishes a general operating fund, endowment fund, and trust fund.
Last Action
Referred to the Committee on Ways and Means pursuant to House Rule 127
1/28/2016