Relating to savings accounts for disability-related expenses; and prescribing an effective date.
Catchline/Summary:
Directs Oregon 529 Savings Board to establish by rule qualified state ABLE Act program as described in federal Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014. Directs Oregon 529 Savings Board to establish by rule qualified state ABLE Act program as described in federal Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014. Allows persons with disabilities to establish savings accounts for disability-related expenses. Excludes distributions from account for qualified disability expenses from federal taxable income. Subtracts contributions made to account from federal taxable income when contribution is made before designated beneficiary of account attains 21 years of age.
Allows state without qualified ABLE program to contract with this state to provide residents of contracting state access to Oregon ABLE program.
Specifies that amount in ABLE account is disregarded for purposes of determining person's financial eligibility to receive assistance or benefit authorized by law.
Establishes Oregon 529 College Savings Plan Subaccount and Oregon 529 ABLE Subaccount in Oregon 529 Savings Network Fund.
Appropriates moneys from General Fund to State Treasurer for establishment of ABLE program. Directs State Treasurer to transfer amount of appropriation from Oregon 529 ABLE Subaccount to General Fund as soon as practicable.
Directs State Treasurer and Oregon 529 Savings Board to establish qualified ABLE program not later than January 1, 2017.
Takes effect on 91st day following adjournment sine die.
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SB 777
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