Bill Text: NH SB265 | 2015 | Regular Session | Introduced
Bill Title: Establishing the achieving a better life experience (ABLE) savings account program.
Spectrum: Slight Partisan Bill (Republican 4-2)
Status: (Engrossed - Dead) 2015-11-12 - Committee Report: Ought to Pass with Amendment #2015-2446h for Jan 6 (Vote 25-0; Consent Calendar); House Calendar 67, PG. 7-8 [SB265 Detail]
Download: New_Hampshire-2015-SB265-Introduced.html
SB 265-FN - AS INTRODUCED
2015 SESSION
15-1031
04/09
SENATE BILL 265-FN
AN ACT establishing the achieving a better life experience (ABLE) savings account program.
SPONSORS: Sen. Bradley, Dist 3; Sen. Birdsell, Dist 19; Sen. Lasky, Dist 13; Sen. Little, Dist 8; Sen. Stiles, Dist 24; Sen. Watters, Dist 4
This bill establishes the achieving a better life experience (ABLE) savings account program to be administered by the New Hampshire college tuition savings plan advisory commission.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
15-1031
04/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fifteen
AN ACT establishing the achieving a better life experience (ABLE) savings account program.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Subdivision; College Tuition Savings Plan; Achieving a Better Life Experience (ABLE) Savings Account Program. Amend RSA 195-H by inserting after section 10 the following new subdivision:
Achieving a Better Life Experience Savings Account Program
195-H:11 Achieving a Better Life Experience (ABLE) Savings Account Program.
I. The treasurer shall establish, implement, and administer a qualified ABLE savings account program as established in the Achieving a Better Life Experience Act of 2014, in accordance with provisions of section 529A of the United States Internal Revenue Code of 1986, as amended, and may enter into such contracts as the treasurer deems necessary to achieve this purpose, subject to the approval of the governor and council. The provisions of this chapter relative to the New Hampshire college tuition savings plan shall also apply to the qualified ABLE program.
II. The commission shall adopt rules relative to the administration, management, promotion, and marketing of the qualified ABLE program and ensure that the qualified ABLE program complies with section 529A of the Internal Revenue Code of 1986, as amended, and any related federal law applicable to the qualified ABLE program.
2 Effective Date. This act shall take effect 60 days after its passage.
LBAO
15-1031
Revised 02/25/15
SB 265-FN FISCAL NOTE
AN ACT establishing the achieving a better life experience (ABLE) savings account program.
FISCAL IMPACT:
The Department of Treasury states this bill, as introduced, will increase state expenditures by an indeterminable amount in FY 2016 and each year thereafter. There will be no impact on county and local expenditures or state, county, and local revenue.
The Department of Treasury states this bill creates the Achieving a Better Life Experience (ABLE) savings account program as established in the Federal ABLE act of 2014. The ABLE act allows individuals with disabilities to set up tax-free 529-A savings accounts to save for medical, housing, transportation, employment training, education and other quality of life expenses. The Department states this bill will likely increase state expenditures by an indeterminable amount. The Department reports there are numerous uncertainties regarding this program; the U.S. Treasury is not expected to enact regulations for the ABLE program until the summer or fall of 2016 and it is not known how states will be required to implement the program.
