South Dakota HB 1224 ARC ABLE Legislation

South Dakota

When determining the eligibility or amount of benefits to be received by a designated beneficiary of an ABLE savings program, a state or local agency may not consider a contribution to an account in a qualified ABLE savings program, earnings on the contribution, or a distribution from the account for qualified disability expenses as defined in section 529A(e)(5) of the Internal Revenue Code, U.S.C. 529A(e)(5), as of January 1, 2016.
Section 3. That the code be amended by adding a NEW SECTION to read:
The council may enter into an agreement with one or more other states to allow residents of this state to participate in a qualified ABLE saving program under 
such terms and conditions as the council determines. The state investment officer and the employees of the Division of Investment shall assist  the council in carrying out its duties under this Act.
State Policies & Initiatives: 
  • Other
  • Asset Development / Financial Capability
  • South Dakota Legislature
Date Enacted: