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 recent federal law that created these accounts, under House Bill 4544 and Senate Bill 359 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. Senate Bill 360 would increase the maximum balance allowed in these and other "529” savings plans to $500,000.
Referred to the Committee on Finance
