Apr h SB -FN - AS AMENDED BY THE HOUSE SESSION - 0/0 SENATE BILL SPONSORS: COMMITTEE: -FN Sen. Bradley, Dist ; Sen. Birdsell, Dist ; Sen. Lasky, Dist ; Sen. Little, Dist ; Sen. Stiles, Dist ; Sen. Watters, Dist Ways and Means AMENDED ANALYSIS This bill establishes the New Hampshire Achieving a Better Life Experience (ABLE) savings account - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Explanation: Matter added to current law appears in bold italics. Matter removed from current law appears [in brackets and struckthrough.] Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
Apr h SB -FN - AS AMENDED BY THE HOUSE STATE OF NEW HAMPSHIRE In the Year of Our Lord Two Thousand Fifteen - 0/0 Be it Enacted by the Senate and House of Representatives in General Court convened: New Chapter; Achieving a Better Life Experience (ABLE) Savings Account Program. Amend RSA by inserting after chapter -I the following new chapter: CHAPTER -J ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) SAVINGS ACCOUNT PROGRAM -J: Definitions. In this chapter: I. Achieving a Better Life Experience Act of means the federal Achieving a Better Life Experience (ABLE) Act of which allows individuals with disabilities to establish tax-free -A savings accounts to save for medical, housing, transportation, employment training, education and other quality of life expenses. II. Commission means the New Hampshire Achieving a Better Life Experience (ABLE) savings account program advisory commission. III. Savings plan means any plan administered as the New Hampshire ABLE savings account -J: Achieving a Better Life Experience (ABLE) Savings Account Program. I. The commission shall establish, implement, and administer a qualified ABLE savings account program as established in the Achieving a Better Life Experience Act of, in accordance with provisions of section A of the United States Internal Revenue Code of, as amended, and may enter into such contracts as the commission deems necessary to achieve this purpose, subject to the approval of the governor and council. II. The commission shall adopt rules relative to the administration, management, promotion, and marketing of the qualified ABLE program and ensure that the qualified ABLE program complies with section A of the Internal Revenue Code of, as amended, and any related federal law applicable to the qualified ABLE -J: Advisory Commission Established; Reports. I.(a) There is established the New Hampshire Achieving a Better Life Experience (ABLE) savings account program advisory commission which shall ensure the proper administration and management of the savings plan. The advisory commission shall ensure that the savings plan complies with the requirements of section A of the Internal Revenue Code of, as amended, and any related federal law applicable to the savings plan. The commission shall consist of the
SB -FN - AS AMENDED BY THE HOUSE - Page - 0 following members: () The state treasurer, or designee. () One member of the house of representatives, appointed by the speaker of the house of representatives. () One member of the senate, appointed by the senate president. () The governor, or designee. () The attorney general, or designee () The commissioner of the department of health and human services, or designee, () One public member, who shall have business experience, appointed by the governor. () One member representing the Governor s Commission on Disability, appointed by the commission. () One member of representing the New Hampshire Council on Developmental Disabilities, appointed by the council. () One member representing Granite State Independent Living, appointed by Granite State Independent Living. () One member representing the New Hampshire Bar Association, appointed by the association. (b) Except for the members appointed under subparagraphs (a)()-(), members shall be appointed for -year terms. II. Members of the commission shall serve without compensation, except that legislative members shall receive mileage at the legislative rate. III. The commission shall keep written records of all its proceedings. IV. No member of the commission shall have any personal interest in the gains or profits of any investment made by the commission; nor shall any member of the commission, directly or indirectly, for such member or as an agent, in any manner use the same except to make such current and necessary payments as are authorized by the commission; nor shall any member of the commission become an endorser or surety, or in any manner an obligor, for money loaned to or borrowed from the commission. V. Members of the commission shall be held harmless from either criminal or civil liability for any decisions made or services rendered under the provisions of this chapter. VI.(a) The state treasurer shall make quarterly reports regarding the status of the savings plan to the commission. (b)() At least annually, the commission shall issue to each participant, a statement which shall include the participant s beginning balance, contributions, and earnings credited to their account during the previous fiscal year. () At least annually, the commission shall make a report regarding the status of the
SB -FN - AS AMENDED BY THE HOUSE - Page - 0 savings program to each participant in the savings plan and to the state library. -J: ABLE Savings Plan. I.(a) The commission shall, as needed, issue requests for proposals to evaluate and determine the vehicle for investments of the savings plan and its administration. (b) The commission shall consider and, if appropriate, give preference to proposals best meeting the following criteria: () Ability to administer financial programs with individual account maintenance and reporting. () Ability to develop and administer an investment program of a nature similar to the objectives of the ABLE savings plan. () Ability to augment the ABLE savings plan with other programs or informational services considered beneficial by the commission. (c) The final selection of the vehicle for investments and its administration shall be made by the commission. II. The commission shall determine and make recommendations regarding the use of personnel in the treasurer s office with costs for such administrative support to be funded from the savings plan. III. The savings plan shall be on a cash only basis, and shall include provisions for automatic deductions. IV. The savings plan shall be established in such form as shall be determined by the commission and may be established as a trust to be declared by the state treasurer. The savings plan or such trust may be divided into multiple investment portfolios. If so divided, and if distinct records are maintained for any such portfolio and the assets associated with any such portfolio are accounted for separately from the other assets of the trust, then the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular portfolio shall be enforceable against the assets of such portfolio only, and not against the assets of the trust generally. -J: Funds Exempt From Interest and Dividends Tax. Income and distributions from any qualified ABLE program as defined in the Internal Revenue Code of, as amended, shall be exempt from the interest and dividends tax pursuant to RSA :-e, provided that distributions from the plan which are subject to federal income tax shall be subject to the interest and dividends tax pursuant to RSA on the accrued income portion of the savings plan distribution. Effective Date. This act shall take effect 0 days after its passage.
LBAO - Revised 0// SB -FN FISCAL NOTE FISCAL IMPACT: The Department of Treasury states this bill, as introduced, will increase state expenditures by an indeterminable amount in FY and each year thereafter. There will be no impact on county and local expenditures or state, county, and local revenue. METHODOLOGY: The Department of Treasury states this bill creates the Achieving a Better Life Experience (ABLE) savings account program as established in the Federal ABLE act of. The ABLE act allows individuals with disabilities to set up tax-free -A savings accounts to save for medical, housing, transportation, employment training, education and other quality of life expenses. The Department states this bill will likely increase state expenditures by an indeterminable amount. The Department reports there are numerous uncertainties regarding this program; the U.S. Treasury is not expected to enact regulations for the ABLE program until the summer or fall of and it is not known how states will be required to implement the