Bill Text: NH SB377 | 2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishing the achieving a better life experience (ABLE) savings account program administrative fund.

Spectrum: Moderate Partisan Bill (Republican 7-1)

Status: (Passed) 2024-06-20 - Signed by the Governor on 06/14/2024; Chapter 0083; Effective 06/14/2024 [SB377 Detail]

Download: New_Hampshire-2024-SB377-Introduced.html

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SB 377-FN - AS INTRODUCED

 

 

2024 SESSION

24-2995

12/02

 

SENATE BILL 377-FN

 

AN ACT establishing the achieving a better life experience (ABLE) savings account program administrative fund.

 

SPONSORS: Sen. Carson, Dist 14; Sen. Bradley, Dist 3; Sen. Soucy, Dist 18; Sen. Innis, Dist 7; Rep. Hunt, Ches. 14; Rep. W. MacDonald, Rock. 16; Rep. McMahon, Rock. 17; Rep. J. Nelson, Rock. 13

 

COMMITTEE: Education

 

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ANALYSIS

 

This bill establishes the achieving a better life experience (ABLE) savings account program administrative fund.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

24-2995

12/02

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Four

 

AN ACT establishing the achieving a better life experience (ABLE) savings account program administrative fund.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Achieving a Better Life Experience (ABLE) Savings Account Program; General Fund Support.  Amend RSA 195-K:2 to read as follows:

I. The state treasurer and the executive director shall establish and administer a qualified ABLE savings account program as authorized in the Achieving a Better Life Experience Act of 2014, and in accordance with the provisions of section 529A of the United States Internal Revenue Code of 1986, as amended, and may enter into such contracts as the state treasurer and the executive director deem necessary to achieve this purpose, subject to the approval of the governor and council.

II. The state treasurer and the executive director shall adopt rules relative to the administration, management, promotion, and marketing of the qualified ABLE program and ensure that the qualified ABLE program complies with section 529A of the Internal Revenue Code of 1986, as amended, and any related federal law applicable to the qualified ABLE program.

III. Any personnel and administrative costs related to plan administration within the state treasurer's office and the governor's commission on disability shall be funded from the savings plan.

[IV. No general fund moneys shall be expended in support of the savings plan or its implementation.]

2  New Section; ABLE Administrative Fund.  Amend RSA 195-K by inserting after section 5 the following new section:

195-K:6  Able Administrative Fund.

I.  There is hereby established the ABLE administrative fund which shall be kept distinct and separate from all other funds.

II.  Administrative assessments received from the New Hampshire ABLE savings plan established under this chapter shall be credited to the ABLE administrative fund and shall be used to pay the costs of administering the savings plan.

III.  The state treasurer and the executive director may institute promotional programs and solicit and receive cash gifts or other donations for the purpose of supporting the savings plan.

IV.  All gifts, grants, and donations of any kind shall be credited to the ABLE administrative fund.

V.  All moneys in the ABLE administrative fund shall be nonlapsing and shall be continually appropriated to the treasurer for the purpose of supporting the savings plan.

3  New Subparagraph; Application of Receipts.  Amend RSA 6:12, I(b) by inserting after subparagraph (394) the following new subparagraph:

(395)  Moneys deposited in the Achieving a Better Life Experience (ABLE) administrative fund established in RSA 195-K:6.

4  Effective Date.  This act shall take effect upon its passage.

 

LBA

24-2995

Revised 12/13/23

 

SB 377-FN- FISCAL NOTE

AS INTRODUCED

 

AN ACT relative to establishing the achieving a better life experience (ABLE) saving account program administrative fund.

 

FISCAL IMPACT:

The Legislative Budget Assistant has determined that this legislation, as introduced, has a total fiscal impact of less than $10,000 in each of the fiscal years 2024 through 2027.

 

AGENCIES CONTACTED:

Treasury Department