AB 339 — Qualified ABLE Program: age limit.

Summary

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 for the purpose of supporting eligible individuals 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. Under the ABLE Act, pursuant to the Consolidated Appropriations Act, 2023, an eligible individual for a taxable year is an individual entitled to specified benefits based on blindness or disability or for whom there is a disability certification filed with the Secretary of the Treasury, and such blindness or disability occurred before the date on which the individual attained 26 years of age, or, on and after January 1, 2026, 46 years of age. 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, and provides the same definition for "eligible individual." Existing law, the Personal Income Tax Law and the Corporation Tax Law, for taxable years beginning on or after January 1, 2016, conforms to the exclusions from gross income provided under federal income tax law provisions relating to the ABLE Act, as those exclusions read in specified federal law prior to the Consolidated Appropriations Act, 2023. This bill would, commencing January 1, 2026, revise the definition of "eligible individual" under the Qualified ABLE Program by increasing the age limit for when an eligible individual's blindness or disability occurred to 46 years of age to conform with federal ABLE Act. This bill would also conform, for taxable years beginning on or after January 1, 2026, state tax law to those changes relating to qualified ABLE programs made by the Consolidated Appropriations Act, 2023. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements. This bill would make specified findings complying with this requirement for the above-described tax expenditure. The bill would require the Treasurer's office to submit, no later than January 1, 2030, a report to the Legislature, detailing the number of ABLE accounts that are created for individuals who are made newly eligible by the raised age limit.

Bill Text

• Chaptered 10/07/23 - Chaptered Current pdf October 07, 2023
• Enrolled 09/14/23 - Enrolled pdf September 14, 2023
• Amended 03/14/23 - Amended Assembly pdf March 14, 2023
• Introduced 01/30/23 - Introduced pdf January 30, 2023
• AB339 View text html

Action History

1. October 07, 2023

   Chaptered by Secretary of State - Chapter 324, Statutes of 2023.

2. October 07, 2023

   Approved by the Governor.

3. September 19, 2023

   Enrolled and presented to the Governor at 4 p.m.

4. September 12, 2023

   In Assembly. Ordered to Engrossing and Enrolling.

5. September 12, 2023

   Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2685.).

6. September 08, 2023

   Ordered to special consent calendar.

7. September 05, 2023

   Read second time. Ordered to third reading.

8. September 01, 2023

   From committee: Do pass. (Ayes 7. Noes 0.) (September 1).

9. July 03, 2023

   In committee: Referred to APPR suspense file.

10. June 21, 2023

    From committee: Do pass and re-refer to Com. on APPR with recommendation: To Consent Calendar. (Ayes 8. Noes 0.) (June 21). Re-referred to Com. on APPR.

11. June 07, 2023

    Referred to Com. on GOV. & F.

12. May 26, 2023

    In Senate. Read first time. To Com. on RLS. for assignment.

13. May 25, 2023

    Read third time. Passed. Ordered to the Senate. (Ayes 78. Noes 0. Page 1751.)

14. May 18, 2023

    Read second time. Ordered to third reading.

15. May 18, 2023

    From committee: Do pass. (Ayes 15. Noes 0.) (May 18).

16. May 10, 2023

    In committee: Set, first hearing. Referred to APPR. suspense file.

17. April 25, 2023

    From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (April 24). Re-referred to Com. on APPR.

18. March 28, 2023

    In committee: Set, second hearing. Referred to REV. & TAX. suspense file.

19. March 15, 2023

    Re-referred to Com. on REV. & TAX.

20. March 14, 2023

    From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

21. March 14, 2023

    In committee: Set, first hearing. Hearing canceled at the request of author.

22. February 09, 2023

    Referred to Com. on REV. & TAX.

23. January 31, 2023

    From printer. May be heard in committee March 2.

24. January 30, 2023

    Read first time. To print.

Sponsors

• Jacqui Irwin · Primary

Votes

Subjects