AB 2253: Public social services programs: qualified ABLE Program accounts.

Existing federal law, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (ABLE Act), encourages and assists individuals and families to save private funds in a tax-advantaged savings account for the purpose of supporting persons with disabilities to maintain their health, independence, and quality of life by excluding from gross income distributions used for qualified disability expenses by a beneficiary of a qualified ABLE program established and maintained by a state, as specified. Existing law establishes the Qualified ABLE Program, administered by the California ABLE Act Board, in this state for purposes of implementing the federal ABLE Act.

Existing law requires that an ABLE account only be established for a designated beneficiary who is a resident of the United States, and that the board market the program to residents of the United States to the extent funds are available. Existing law also provides that moneys in, contributions to, and any distribution for qualified disability expenses from, an ABLE account, not to exceed $100,000, do not count toward determining eligibility for a state or local means-tested program.

This bill would repeal the $100,000 limitation on moneys in, contributions to, and distributions for qualified disability expenses from, an ABLE account, for purposes of determining eligibility for a state or local means-tested program.