Bill > SB01476

This bill updates Connecticut's Achieving a Better Life Experience (ABLE) Act to align with federal Section 529A requirements for disability savings accounts. The bill modifies existing statutes to replace references to the federal ABLE Act with direct references to Section 529A of the Internal Revenue Code, and revises definitions related to ABLE accounts. Key changes include updating terminology around eligible individuals, authorized individuals, and qualified disability expenses to match federal guidelines. The bill maintains the State Treasurer's role in establishing and administering the ABLE program, which allows individuals with disabilities to save money in tax-advantaged accounts without losing eligibility for means-tested public assistance programs. The legislation ensures that money invested in ABLE accounts will be disregarded when determining eligibility for state assistance programs, and clarifies that these accounts cannot be considered assets for determining eligibility for institutional aid grants at public educational institutions. The bill aims to provide more flexibility and support for individuals with disabilities and their families in managing financial resources.

Health and Social Services

Human Services Committee (J)

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01476&which_year=2025