Bill Text: NY A09171 | 2015-2016 | General Assembly | Amended

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Bill Title: Relates to NY ABLE account ownership, contributions and distributions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2016-07-21 - signed chap.120 [A09171 Detail]

Download: New_York-2015-A09171-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         9171--A
                   IN ASSEMBLY
                                    February 1, 2016
                                       ___________
        Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
          tee on Mental Health -- recommitted to the Committee on Ways and Means
          in accordance with Assembly Rule 3, sec. 2  --  committee  discharged,
          bill  amended,  ordered  reprinted  as amended and recommitted to said
          committee
        AN ACT to amend the mental hygiene law, in relation to NY  ABLE  account
          ownership,  contributions  and  distributions;  and  to repeal certain
          provisions of the tax law relating thereto
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. Subdivisions 2 and 3 of section 84.03 of the mental hygiene
     2  law, as added by chapter 576 of the laws of 2015, are amended to read as
     3  follows:
     4    2.  "Account"  or  "NY  ABLE account" shall mean an individual savings
     5  account established in accordance with the provisions of [this  article]
     6  section 529A of the Internal Revenue Code.
     7    3.  "Account  owner"  shall  mean a person who opens a savings account
     8  pursuant to the provisions of [this article] section 529A of the  Inter-
     9  nal Revenue Code, as amended, or any regulations promulgated thereunder.
    10  The  account  owner [may] must also be the designated beneficiary of the
    11  account.
    12    § 2. Subdivisions 1 and 2 of section 84.05 of the mental hygiene  law,
    13  as  added  by  chapter  576  of the laws of 2015, are amended to read as
    14  follows:
    15    1. The comptroller shall establish a NY  ABLE  account  plan  for  all
    16  eligible  individuals [and families] for the purpose of supporting indi-
    17  viduals with disabilities to maintain health, independence, and  quality
    18  of  life. The comptroller is hereby authorized to promulgate any and all
    19  rules and regulations necessary for the implementation of  this  article
    20  in  consultation  with  the  commissioners of the office for people with
    21  developmental disabilities, the office of mental health, the  department
    22  of health, and the office of temporary and disability assistance.
    23    2.  The  comptroller may implement the NY ABLE savings account program
    24  through use of third party vendors as administrators of  such  accounts,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10067-13-6