Bill Text: DE HB145 | 2017-2018 | 149th General Assembly | Draft

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Bill Title: An Act To Amend Title 16 Of The Delaware Code Relating To Achieving A Better Life Experience Savings Accounts.

Spectrum: Slight Partisan Bill (Democrat 7-3)

Status: (Passed) 2017-07-28 - Signed by Governor [HB145 Detail]

Download: Delaware-2017-HB145-Draft.html

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SPONSOR:	Rep. Paradee & Sen. Poore
Reps. Briggs King, Heffernan, Hensley, Hudson, Q. Johnson, Kowalko, M. Smith; Sen. Marshall

 

HOUSE OF REPRESENTATIVES

149th GENERAL ASSEMBLY

 

HOUSE BILL NO. 145

 

AN ACT TO AMEND TITLE 16 OF THE DELAWARE CODE RELATING TO ACHIEVING A BETTER LIFE EXPERIENCE SAVINGS ACCOUNTS.

 

 

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

 

Section 1. Amend Chapter 96A, Title 16 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:

§ 9607A.  State and local means-tested programs.   Treatment of accounts.

(a)  Accounts established pursuant to this chapter or another state's ABLE program shall not be included in determining asset eligibility of the designated beneficiary for state or local assistance programs.

(b) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to the estate of a designated beneficiary, or to an account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary.

(c) Upon the death of a designated beneficiary, no agency or instrumentality of the State shall seek payment under § 529A9(f) of the Internal Revenue Code from the account or its proceeds for benefits provided to a designated beneficiary.

 

 

SYNOPSIS

ABLE accounts are special savings accounts established for certain persons with disabilities. This bill clarifies the treatment of funds in an ABLE account upon the death of a designated beneficiary.  Specifically it prohibits State agencies or instrumentalities from clawing back from the ABLE account any funds it has expended on behalf of a designated beneficiary.