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