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Legislative Year: 2022 Change
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Bill Detail: HB22-1320

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Title Achieving A Better Life Experience Savings Accounts
Status Senate Third Reading Passed - No Amendments (05/04/2022)
Bill Subjects
  • Education & School Finance (Pre & K-12)
House Sponsors C. Larson (R)
C. Kipp (D)
Senate Sponsors R. Zenzinger (D)
R. Woodward (R)
House Committee Public and Behavioral Health & Human Services
Senate Committee Finance
Date Introduced 03/24/2022
Summary

The collegeinvest authority administers the achieving a better life
experience (ABLE) savings program. Individuals who were declared
disabled, as defined under federal law, before reaching 26 years of age
are eligible to open an ABLE savings account. ABLE savings accounts
under section 529A of the internal revenue code are modeled after section
529 college savings accounts, but, unlike those accounts, ABLE savings
accounts may be used to save for many expenses related to an individual's
disability without disqualifying the individual for certain federal benefits.
The bill modifies the administration and operation of these
accounts in 2 ways. First, the bill allows a person other than the individual
with a disability to open an ABLE savings account for the individual and
to have signature authority over that account. Second, the bill prohibits
the state from filing a claim against the ABLE savings account upon the
account owner's death for outstanding payments due for qualified
disability expenses.
The bill also modifies the tax benefits associated with an ABLE
savings account. Under the bill, a taxpayer may deduct from their federal
taxable income for purposes of calculating their state taxable income
certain contributions made to an ABLE savings account. Further, the bill
ensures that a taxpayer does not encounter tax recapture of any deductions
claimed for these contributions when distributions are made from an
ABLE savings account for qualified disability expenses.

Committee Reports
with Amendments
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Fiscal Notes Fiscal Notes (04/05/2022) (most recent)  
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