Oklahoma HB 2821: ABLE Legislation

Oklahoma

An Act relating to public health and safety; enacting the Achieving a Better Life Experience Program Act; stating legislative intent; defining terms; creating Achieving a Better Life Experience Program Trust; providing for cotrustees; creating the Achieving a Better Life Experience Program Committee; providing for membership; providing for adoption of rules; imposing duties; authorizing contracts; imposing requirements with respect to rules; providing for contributions to ABLE accounts; imposing restrictions; prohibiting certain direction regarding investments; prescribing procedures with respect to account activity; requiring records and accounting; providing for designation of beneficiaries; authorizing transfers; imposing limitation based upon reasonable expenses; restricting certain uses of account; providing accounts not subject to certain proceedings related to creditors; providing for exemption from Oklahoma income tax; providing for applicability of income tax to nonqualified distributions; providing for income tax treatment of earnings; prohibiting certain obligations with respect to accounts; providing immunity for certain losses; excluding guaranty with regard to accounts; providing for liberal construction; providing for codification; and providing an effective date.

State Policies & Initiatives: 
Legislation
Systems: 
  • Other
Topics: 
  • Asset Development / Financial Capability
Other: 
  • Oklahoma State Legislature
Date Enacted: 
06/06/2016
CITATIONS: