2024 House Bill 5781

AI Analysis – Experimental

House Bill No. 5781 aims to update the Michigan Achieving a Better Life Experience (ABLE) Program Act of 2015, specifically amending Section 2 (MCL 206.982). This bill focuses on refining the definitions and terms associated with the ABLE program to enhance clarity and accessibility. Key definitions outlined in the amendment include "ABLE savings account," "account owner," "contracting state," "department," "designated beneficiary," "designated representative," "disability certification," "eligible individual," "internal revenue code," "management contract," "member of the family," "Michigan ABLE savings program agreement," "program," "program manager," "qualified disability expenses," "qualified withdrawal," "savings plan," and "treasurer." These amendments are designed to ensure the program is more accessible to eligible individuals, including those from contracting states, and to clearly define the roles and responsibilities of account owners, designated beneficiaries, and program managers.