SB 1074 Modifies provisions relating to the ABLE act
Sponsor: Schmitt
LR Number: 6574S.02C Fiscal Notes
Committee: Seniors, Families and Children
Last Action: 5/13/2016 - Informal Calendar S Bills for Perfection--SB 1074-Schmitt, with SCS Journal Page:
Title: SCS SB 1074 Calendar Position:
Effective Date: August 28, 2016

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Current Bill Summary

SCS/SB 1074 - This act provides that the assets of the ABLE program shall at all times be preserved, invested, expended, and distributed only for the purposes set forth in current law as well as Section 529A of the Internal Revenue Code. Current law provides that no property rights in ABLE assets shall exist in favor of the state. This act removes that provision.

This act is identical to a provision in SCS/HB 2125 (2016).