Qualified ABLE Program: CalABLE accounts: funding.
- Expands the California ABLE Program by allowing acceptance of philanthropic donations and legislative funding.
- Authorizes financial incentives for eligible individuals to open and use ABLE savings accounts for disability expenses.
- Requires tax return instructions to include information about depositing refunds into ABLE accounts.
- Allows transfers between California KIDS college savings accounts and qualifying ABLE accounts.
Assembly Member Addis proposes expanding California's Qualified ABLE Program through new funding mechanisms and enhanced administrative capabilities. The legislation authorizes the California ABLE Act Board to accept grants, gifts, and philanthropic contributions while allowing discretionary allocation between administrative and program funds.
The bill establishes a framework for financial incentives to encourage eligible individuals to create and utilize ABLE accounts. The board may set eligibility criteria based on factors like opening new accounts, establishing recurring deposits, or participating in financial education. These incentives would be provided directly to designated beneficiaries or their authorized representatives in amounts determined by the board.
Tax return instructions would now include information about directly depositing refunds into California ABLE Program Trust accounts, similar to existing provisions for the Golden State Scholarshare College Savings Trust. Additionally, the Scholarshare Investment Board could establish processes for transferring funds from California Kids Investment and Development Savings (KIDS) Accounts into qualifying ABLE accounts, creating greater flexibility between educational savings programs.
The legislation maintains existing privacy protections while expanding data sharing between relevant agencies to facilitate program administration. The State Department of Public Health would continue providing birth data to the board within 90 days of birth certificate registration, with strict confidentiality requirements governing information handling and disclosure.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Latest Voting History
 Sharon Quirk-SilvaD Assembly Member | Committee Member |  Not Contacted | |
 Mike GipsonD Assembly Member | Committee Member | Not Contacted | |
 Tina McKinnorD Assembly Member | Committee Member | Not Contacted | |
 Dawn AddisD Assembly Member | Bill Author | Not Contacted | |
 Jasmeet BainsD Assembly Member | Committee Member | Not Contacted |
- Expands the California ABLE Program by allowing acceptance of philanthropic donations and legislative funding.
- Authorizes financial incentives for eligible individuals to open and use ABLE savings accounts for disability expenses.
- Requires tax return instructions to include information about depositing refunds into ABLE accounts.
- Allows transfers between California KIDS college savings accounts and qualifying ABLE accounts.
This bill was recently introduced. Email the authors to let them know what you think about it.
Introduced By
Assembly Member Addis proposes expanding California's Qualified ABLE Program through new funding mechanisms and enhanced administrative capabilities. The legislation authorizes the California ABLE Act Board to accept grants, gifts, and philanthropic contributions while allowing discretionary allocation between administrative and program funds.
The bill establishes a framework for financial incentives to encourage eligible individuals to create and utilize ABLE accounts. The board may set eligibility criteria based on factors like opening new accounts, establishing recurring deposits, or participating in financial education. These incentives would be provided directly to designated beneficiaries or their authorized representatives in amounts determined by the board.
Tax return instructions would now include information about directly depositing refunds into California ABLE Program Trust accounts, similar to existing provisions for the Golden State Scholarshare College Savings Trust. Additionally, the Scholarshare Investment Board could establish processes for transferring funds from California Kids Investment and Development Savings (KIDS) Accounts into qualifying ABLE accounts, creating greater flexibility between educational savings programs.
The legislation maintains existing privacy protections while expanding data sharing between relevant agencies to facilitate program administration. The State Department of Public Health would continue providing birth data to the board within 90 days of birth certificate registration, with strict confidentiality requirements governing information handling and disclosure.
Latest Voting History
Sharon Quirk-SilvaD Assembly Member | Committee Member | Not Contacted | |
Mike GipsonD Assembly Member | Committee Member | Not Contacted | |
Tina McKinnorD Assembly Member | Committee Member | Not Contacted | |
Dawn AddisD Assembly Member | Bill Author | Not Contacted | |
Jasmeet BainsD Assembly Member | Committee Member | Not Contacted |