California ABLE Legislation (AB 449)
Existing federal law, the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act)…encourages and assists individuals and families to save private funds for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a Qualified ABLE Program established and maintained by a state, as specified.
This bill would…conform to these federal income tax law provisions relating to the ABLE Act under the Corporation Tax Law, as provided. The bill would also establish in state government the ABLE program trust for purposes of implementing the federal ABLE Act. The bill would authorize the ABLE Act Board to adopt regulations to implement the program. The bill would create the program fund, a continuously appropriated fund, thereby making an appropriation, and the administrative fund, as specified. The bill would require the board to Administer the program in compliance with the requirements of the federal ABLE Act.
State Policies & Initiatives:Legislation
- Asset Development / Financial Capability