Bill Text: HI HB2556 | 2024 | Regular Session | Amended

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Bill Title: Relating To The Hawaii Able Savings Program.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Engrossed - Dead) 2024-03-22 - Report adopted; Passed Second Reading, as amended (SD 1) and referred to WAM. [HB2556 Detail]

Download: Hawaii-2024-HB2556-Amended.html

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HOUSE OF REPRESENTATIVES	H.B. NO.	2556
THIRTY-SECOND LEGISLATURE, 2024		H.D. 2
STATE OF HAWAII		S.D. 1

A BILL FOR AN ACT

 

 

RELATING TO THE HAWAII ABLE SAVINGS PROGRAM.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 

     SECTION 1.  The purpose of this Act is to:

     (1)  Clarify the sources of funding for the Hawaii ABLE saving program trust fund;

     (2)  Authorize the director of finance to expend all moneys in the trust fund to fulfill the purposes of the Hawaii ABLE Savings Program, including providing incentive payments to Hawaii public school ABLE account owner

     (3)  Appropriate funds to the department of budget and finance to fund the incentive payments; and

     (4)  Appropriate funds to the department of health to establish an unspecified member of full-time equivalent (     FTE) permanent position within the state council on developmental disabilities to provide statewide outreach, advocacy, and relationship management for the Hawaii ABLE savings program.

     SECTION 2.  Section 256B-8, Hawaii Revised Statutes, is amended to read as follows:

     "[[]§256B-8[]]  Hawaii ABLE savings program trust fund.  (a)  There [is] shall be established the Hawaii ABLE savings program trust fund within the treasury of the State.  The fund shall consist of:

     (1)  Any moneys received from an ABLE savings program manager[, any];

     (2)  Any moneys received from governmental or private grants[, and any general fund appropriations for];

     (3)  Any moneys appropriated by the legislature to the program[.];

     (4)  Any moneys deposited by contributors, in accordance with this chapter, that are not deposited directly with the program manager; and

     (5)  All interest derived from the deposit and investment of moneys in the trust fund.

     (b)  [The fund shall be used if the director elects to accept deposits from contributors, rather than have deposits sent directly to the program manager.  The fund shall consist of any moneys deposited by contributors in accordance with this chapter which are not deposited directly with the program manager.] All moneys in the fund shall be expended by the director to fulfill the purposes of this chapter, including to provide incentive payments to Hawaii public school ABLE savings account owners as a means of encouraging the participation of eligible individuals and families to save funds; provided that the director shall maintain and keep separate records to account for any incentive payments.

     (c)  [All interest derived from the deposit and investment of moneys in the savings program trust fund shall be credited to the fund.]  At the end of any fiscal year, all unexpended and unencumbered moneys in the savings program trust fund shall remain in the savings program trust fund and shall not be credited or transferred to the general fund or any other funds.

     (d)  All expenses incurred by the director in developing and administering the ABLE savings program shall be payable from the Hawaii ABLE savings program trust fund."

     SECTION 3.  There is appropriated out of the general revenues of the State of Hawaii the sum of $           or so much thereof as may be necessary for fiscal year 2024-2025 to be deposited into the Hawaii ABLE savings program trust fund.

     SECTION 4.  There is appropriated out of the Hawaii ABLE savings program trust fund the sum of $           or so much thereof as may be necessary for fiscal year 2024-2025 to provide incentive payments to Hawaii public school ABLE savings account owners.

     The sum appropriated shall be expended by the department of budget and finance for the purposes of this Act.

     SECTION 5.  There is appropriated out of the Hawaii ABLE savings program trust fund the sum of $           or so much thereof as may be necessary for fiscal year 2024-2025 for the establishment of       full-time equivalent (     FTE) permanent positions within the state council on developmental disabilities to provide statewide outreach, advocacy, and relationship management for the Hawaii ABLE savings program.

     The sum appropriated shall be expended by the department of health for the purposes of this Act.

     SECTION 6.  In accordance with section 9 of article VII of the Hawaii State Constitution and sections 37‑91 and 37‑93, Hawaii Revised Statutes, the legislature has determined that the appropriations contained in H.B. No.     , will cause the state general fund expenditure ceiling for fiscal year 2024‑2025 to be exceeded by $           or      per cent.  In addition, the appropriation contained in this Act will cause the general fund expenditure ceiling for fiscal year 2024‑2025 to be further exceeded by $           or      per cent.  The combined total amount of general fund appropriations contained in only these two Acts will cause the state general fund expenditure ceiling for fiscal year 2024‑2025 to be exceeded by $           or      per cent.  The reasons for exceeding the general fund expenditure ceiling are that:

     (1)  The appropriation made in this Act is necessary to serve the public interest; and

     (2)  The appropriation made in this Act meets the needs addressed by this Act.

     SECTION 7.  If any provision of this Act, or the application thereof to any person or circumstance, is held invalid, the invalidity does not affect other provisions or applications of the Act that can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable.

     SECTION 8.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 9.  This Act shall take effect on December 31, 2050.

 

 

Report Title:

B&F; DOH; State Council on Developmental Disabilities; Hawaii ABLE Savings Program; Trust Fund; Incentive Payments; Expenditure Ceiling; Appropriation

 

Description:

Clarifies the sources of funding for the Hawaii ABLE Saving Program Trust Fund.  Authorizes the Director of Finance to expend all moneys in the trust fund to fulfill the purposes of the Hawaii ABLE Savings Program, including providing incentive payments to Hawaii public school ABLE account owner.  Declares that the general fund expenditure ceiling is exceeded.  Appropriates funds.  Takes effect 12/31/2050.  (SD1)

 

 

 

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