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OK SB991
Bill
Status
2/1/2016
Primary Sponsor
Patrick Anderson
Click for details
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 whose blindness or disability occurred before age 26
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Requires the State Treasurer to administer the program, select financial institutions as depositories and managers through a competitive process, and develop application fees and procedures
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Allows account owners to save for qualified disability expenses including education, housing, transportation, employment training, assistive technology, health and wellness, legal fees, and funeral expenses
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Exempts ABLE account balances and distributions from garnishment, levy, attachment, and other legal processes, and excludes them from TANF benefit eligibility determinations
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Effective date of January 1, 2017
Legislative Description
Financing disability expenses; creating Oklahoma Achieving a Better Life Experience (ABLE) Savings Plan Act; requiring implementation. Effective date.
Last Action
Second Reading referred to Health and Human Services Committee then to Appropriations Committee
2/2/2016