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Bill > SB0452

TN SB0452

TN SB0452
AN ACT to amend Tennessee Code Annotated, Section 71-4-803 and Section 71-4-806, relative to the Achieving a Better Life Experience Act.

summary

Introduced
01/29/2025
In Committee
Crossed Over
Passed
05/08/2025
Dead
Signed/Enacted/Adopted
05/08/2025

Introduced Session

114th General Assembly

Bill Summary

As enacted, removes the restriction that earnings in an achieving a better life experience account may only be expended for a student's education expenses; redefines "disability certification" and "eligible individual" to have the same meaning as in the Internal Revenue Code and all rules and regulations released by the United States treasury. - Amends TCA Section 71-4-803 and Section 71-4-806.

AI Summary

This bill amends Tennessee's Achieving a Better Life Experience (ABLE) Act by updating definitions and expanding the use of ABLE accounts. Specifically, the bill redefines "disability certification" and "eligible individual" to align with the Internal Revenue Code and U.S. Treasury regulations, which will likely provide more consistent and standardized definitions for these terms. The bill also modifies restrictions on how funds in an ABLE account can be used, removing previous limitations that restricted earnings to only educational expenses. The changes will take effect in stages: provisions related to rule-making will become effective immediately, while substantive changes to definitions will be implemented on January 1, 2026. ABLE accounts are special savings accounts designed to help individuals with disabilities save money without losing eligibility for government assistance programs, and this bill appears to be aimed at making these accounts more flexible and accessible for account holders.

Committee Categories

Budget and Finance, Government Affairs

Sponsors (2)

Last Action

Comp. became Pub. Ch. 340 (on 05/08/2025)
(1 Companion Bills)

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