Budget Amendment ID: FY2017-S4-506-R1

Redraft EHS 506

ABLE Accounts

Ms. L'Italien and Mr. Ross moved that the proposed new text be amended <w:p><w:r><w:t xml:space="preserve">by inserting, after section 6, the following 2 sections:-

“SECTION 6A. Section 29 of chapter 15C of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by striking out the definition of “Achieving a better life experience account” or “ABLE account” and inserting in place thereof the following definition:-

“Achieving a better life experience account” or “ABLE account”, a savings and qualified expense account as defined in 26 USC 529A, or an account established and maintained by the authority or a designated administrator pursuant to this section and its implementing regulations for the purposes of paying or managing qualified disability expenses.

SECTION 6B. Said section 29 of said chapter 15C of the General Laws, as so appearing, is hereby further amended by adding the following 2 subsections:- (i) Any provision of this section that the authority determines to be in conflict with a requirement of the federal Internal Revenue Code, as amended, shall be superseded by the requirements of the federal Internal Revenue Code, as amended, to the extent necessary to ensure that a qualified ABLE program meets the requirements for tax-advantaged status under 26 USC 529A or any successor provision, as reflected in regulations promulgated by the authority or in any agreements with the authority applicable to the ABLE program.

(j) Any requirement of this section that the authority determines to be more restrictive than or duplicative of the requirements of said section 26 USC 529A, including without limitation the definition of an individual with a disability, the definition of qualified disability expenses and the requirements for a disability verification, may be modified by the authority by regulation or in any agreements with the authority applicable to the ABLE program.”; and

by inserting after section 50 the following section:-

“SECTION 51A. Subsection (b) of section 33 of chapter 226 of the acts of 2014 is hereby repealed.”; and

by inserting after section 80 the following section:-

"SECTION 80A. Section 29 of chapter 15C of the General Laws and subparagraph (17) of paragraph (a) of Part B of section 3 of chapter 62 of the General Laws shall take effect as of the effective date of this act.”