NC H983

Allow funds rolled over from a parental savings trust fund to an ABLE account to be excluded from taxable income, amending G.S. 105-153.5(c)(7) to treat such rollovers the same as penalty-free withdrawals due to death or permanent disability.

Require the ABLE Program Board of Trustees to report to the Joint Legislative Oversight Committee on Health and Human Services and the Joint Legislative Oversight Committee on General Government by December 1, 2018, with legislative recommendations for modifications to the ABLE Program Trust and related statutes.

Direct the Board to include recommendations on recent federal law changes and improvements for program administration in its report.

Make the tax treatment change effective for taxable years beginning on or after January 1, 2018; effective date for remaining provisions is upon enactment.