House Bill 60
148th General Assembly (2015 - 2016)
The General Assembly has ended, the current status is the final status.
AN ACT TO AMEND TITLES 10 AND 16 OF THE DELAWARE CODE RELATING TO SAVINGS ACCOUNTS TO SUPPORT INDIVIDUALS WITH DISABILITIES.
This bill creates an Achieving a Better Life Experience (“ABLE”) Program in Delaware, to implement federal legislation enabling the creation of savings accounts with tax advantages similar to 529 accounts, designed to be used by persons with disabilities to save for qualifying disability and education related expenses. The ABLE Program will be overseen by a Board composed of 7 members: a chair appointed by the Governor, the State Treasurer, the Secretary of the Department of Health and Social Services, a current member of the Board which oversees Delaware’s 529 plans, a public member appointed by the Speaker of the House of Representatives, a public member appointed by the President Pro Tempore of the Senate, and a person with a disability appointed by the Governor. The Office of the State Treasurer shall provide support to the Board in carrying out its functions. The Board is empowered to take actions necessary to run the Program in compliance with federal law and regulations, including contracting with financial service providers and other consultants to implement the plan. Any contributions to these plans will not be counted against a designated beneficiary in determining that individual’s income eligibility for state or local means-tested programs. Section 2 of the bill exempts ABLE accounts from execution or attachment pursuant to court judgments in the same manner and to the same extent as 529 education accounts are protected.
Takes effect upon being signed into law