HB274 Alabama 2015 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2015
Title
Wallace-Folsom College Savings Investment Plan, named changed to Wallace-Folsom Savings Investment Plan, provide the Achieving a Better Life Experience (ABLE) program, definitions relating to ABLE, provide tax exemptions, appropriations for development of ABLE program, Secs. 16-33C-1, 16-33C-2, 16-33C-2.1, 16-33C-3, 16-33C-4, 16-33C-5, 16-33C-10, 16-33C-11, 16-33C-12, 40-18-19 am'd.
Description
<p class="bill_description"> Currently, the State of Alabama's college
savings program pursuant to Section 529 of the
Internal Revenue Code of 1986, as amended, is the
Wallace-Folsom College Savings Investment Plan that
consists of the Alabama College Education Savings
(ACES) Program and the Alabama Prepaid Affordable
College Tuition (PACT) Program to assist
individuals in paying costs and expenses of
attending colleges and universities. Recently, the
Achieving a Better Life Experience (ABLE) Act of
2014 established Section 529A of the Internal
Revenue Code of 1986, as amended, to allow families
and individuals to save for disability-related
expenses of a disabled individual in a federal
tax-advantaged account modeled after Section 529 of
the Internal Revenue Code of 1986, as amended, to
be established and maintained by the state</p><p class="bill_description">
This bill would include ABLE in the
legislative intent; rename the Wallace-Folsom
College Savings Investment Plan to the
Wallace-Folsom Savings Investment Plan; to provide
for the ABLE Program; provide for definitions
relating to the ABLE Program; would provide for the
income tax exemption eligible to the ABLE Program;
and provide appropriations for Fiscal Year 2015 for
development and implementation of the ABLE Program</p><p class="bill_entitled_an_act"> This bill would amend Sections 16-33C-1, 16-33C-2,
16-33C-2.1, 16-33C-3, 16-33C-4, 16-33C-5, 16-33C-10,
16-33C-11, 16-33C-12, and 40-18-19, Code of Alabama 1975 to
rename the Wallace-Folsom College Savings Investment Plan to
the Wallace-Folsom Savings Investment Plan; to provide for the
ABLE Program; provide for definitions relating to the ABLE
Program; provide for the income tax exemption eligible to the
ABLE Program; allow board members that are employed by the
state. This bill would add new sections to the Code of Alabama
1975, to generally provide for the ABLE Program; provide for
the investment of ABLE and ACES Programs; and provide
appropriations for Fiscal Year 2015 for development and
implementation of the ABLE Program.
</p>
Subjects
Wallace-Folsom College Savings Investment Plan
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| June 3, 2015 | H | Indefinitely Postponed |
| April 16, 2015 | H | Read for the second time and placed on the calendar |
| March 12, 2015 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 15, 2015 | Room 617 at 09:00 | House W&ME Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB274 Alabama 2015 Session - Introduced |