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OK SB1023
Bill
Status
2/1/2016
Primary Sponsor
Michael Mazzei
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AI Summary
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Creates the Oklahoma Achieving a Better Life Experience (ABLE) Savings Plan Act, establishing tax-advantaged savings accounts for individuals with disabilities that occurred before age 26 to pay qualified disability expenses including education, housing, transportation, employment training, health care, and assistive technology
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Designates the State Treasurer to administer the program, with authority to select financial institutions as depositories and managers through a competitive process, develop application fees and procedures, and adopt guidelines consistent with Internal Revenue Code Section 529A
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Exempts ABLE account balances and distributions from garnishment, attachment, levy, and other legal processes, and excludes them from resource determination criteria for Temporary Assistance for Needy Families (TANF) benefits
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Limits each eligible beneficiary to a single ABLE account, requires all contributions be made in cash, and allows account owners to withdraw funds with 60 days' notice for qualified disability expenses
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Effective date of January 1, 2017
Legislative Description
Financing disability expenses; creating Oklahoma Achieving a Better Life Experience Savings Plan Act. Effective date.
Last Action
Second Reading referred to Health and Human Services Committee then to Appropriations Committee
2/2/2016