Introduced
by
To authorize a new “ABLE account" tax advantaged savings plan to cover education and living expenses for beneficiaries who are disabled. Mirroring the federal law that created these accounts, under House Bill 4544 balances and distributions from a beneficiary's account would not be included in gross income or assets for purposes of caps limiting various state aid programs. House Bill 4541 would increase the maximum balance allowed in these and other "529” savings plans to $500,000.
Referred to the Committee on Financial Services
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the House 108 to 1 (details)
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Passed in the Senate 35 to 0 (details)
To authorize a new “ABLE account" tax advantaged savings plan to cover education and living expenses for beneficiaries who are disabled. Mirroring the federal law that created these accounts, under House Bill 4544 balances and distributions from a beneficiary's account would not be included in gross income or assets for purposes of caps limiting various state aid programs. House Bill 4541 would increase the maximum balance allowed in these and other "529” savings plans to $500,000.
Passed in the House 106 to 0 (details)
