California 2023-2024 Regular Session Status: In Committee

SB 1362 — Qualified ABLE Program: CalABLE accounts: funding.

Last action — May 16 hearing: Held in committee and under submission.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

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. Existing law establishes the Qualified ABLE Program for purposes of implementing the federal ABLE Act in this state, and creates the California ABLE Program Trust with the purposes, powers, and duties of the trust to be vested in and exercised by the California ABLE Act Board. Existing law requires the board to segregate the moneys coming into the ABLE program trust into 2 funds: the program fund, which is continuously appropriated, for specified purposes of the act, and the administrative fund, which is available upon appropriation by the Legislature for administration of the act. Existing law requires all moneys paid by designated beneficiaries or eligible individuals in connection with ABLE accounts to be deposited, as received, into the program fund, promptly invested, and accounted for separately. This bill would require the CalABLE program to make a one-time deposit of at least $250 into each new CalABLE account that meets specified requirements, including that the account was opened on or after a date to be determined by the board, but no earlier than January 1, 2025, and the designated beneficiary of the account is a California resident. The bill would also authorize the board to provide additional financial incentives designated to increase moneys paid by designated beneficiaries or eligible individuals in connection with their CalABLE accounts. The bill would make those provisions subject to an appropriation by the Legislature.

Bill Text

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Action History

  1. May 16 hearing: Held in committee and under submission.

  2. Set for hearing May 16.

  3. May 6 hearing: Placed on APPR suspense file.

  4. Set for hearing May 6.

  5. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 3759.) (April 24). Re-referred to Com. on APPR.

  6. From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 5. Noes 0. Page 3607.) (April 15). Re-referred to Com. on REV. & TAX.

  7. Set for hearing April 24 in REV. & TAX. pending receipt.

  8. Set for hearing April 15.

  9. Referred to Coms. on HUMAN S. and REV. & TAX.

  10. From printer. May be acted upon on or after March 18.

  11. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Newman · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Newman

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Votes

Subjects

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Frequently asked questions

What does SB 1362 do?
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. Existing law establishes the Qualified ABLE Program for purposes of implementing the federal ABLE Act in this state, and creates the California ABLE Program Trust with the purposes, powers, and duties of the trust to be vested in and exercised by the California ABLE Act Board. Existing law requires the board to segregate the moneys coming into the ABLE program trust into 2 funds: the program fund, which is continuously appropriated, for specified purposes of the act, and the administrative fund, which is available upon appropriation by the Legislature for administration of the act. Existing law requires all moneys paid by designated beneficiaries or eligible individuals in connection with ABLE accounts to be deposited, as received, into the program fund, promptly invested, and accounted for separately. This bill would require the CalABLE program to make a one-time deposit of at least $250 into each new CalABLE account that meets specified requirements, including that the account was opened on or after a date to be determined by the board, but no earlier than January 1, 2025, and the designated beneficiary of the account is a California resident. The bill would also authorize the board to provide additional financial incentives designated to increase moneys paid by designated beneficiaries or eligible individuals in connection with their CalABLE accounts. The bill would make those provisions subject to an appropriation by the Legislature.
Who sponsors SB 1362?
SB 1362 is sponsored by Newman.
What is the current status of SB 1362?
This bill died with 2023-2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1362?
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Last checked for changes 3 months ago · updated continuously

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