Bill Summary for H 983 (2017-2018)
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Bill: ABLE ACT CHANGES/STUDY.
Summary date:
May 22 2018
Bill Information:
| View NCGA Bill Details | 2017-2018 Session |
AN ACT TO ALLOW FOR FUNDS FROM THE PARENTAL SAVINGS TRUST FUND TO ROLLOVER TO AN ABLE ACCOUNT WITHOUT THE FUNDS BEING CONSIDERED AS INCOME AND TO DIRECT THE ABLE PROGRAM BOARD OF TRUSTEES TO REPORT ON ANY LEGISLATIVE RECOMMENDATIONS FOR MODIFICATIONS TO THE STATE ABLE ACT, AS RECOMMENDED BY THE LEGISLATIVE RESEARCH COMMISSION COMMITTEE ON INTELLECTUAL AND DEVELOPMENTAL DISABILITIES.Intro. by Bradford, Dollar, Lambeth, Sauls.
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Bill summary
Amends GS 105-153.5(c)(7) to exclude from the calculation of an individual taxpayer's adjusted gross income funds withdrawn from the Parental Savings Trust Fund of the State Education Assistance Authority that were rolled over to an Achieving a Better Life Experience (ABLE) account. Effective for taxable years beginning on or after January 1, 2018.
Requires the ABLE Program Board of Trustees to report by December 1, 2018, to the Joint Legislative Oversight Committee on Health and Human Services and the Joint Legislative Oversight Committee on General Government on recommendations for changes to the ABLE Program Trust and its related statutes.