California ABLE Legislation (SB 324)
State Policies & Initiatives:Legislation
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 Personal Income Tax Law, as provided. The bill would create the ABLE Act Board and would require the board provide an annual listing of distributions to individuals that have an interest in an ABLE account to the Franchise Tax Board,as provided.
- Asset Development / Financial Capability