Provides that the La. Tuition Trust Authority shall administer the ABLE account program, which supports persons with disabilities
Impact
HB 991 intends to foster financial independence for persons with disabilities by facilitating the accumulation of savings in ABLE accounts. The law delineates specific qualified expenses, which include health care costs, education expenses, and transportation costs, thus broadening the spectrum of what can be covered. This bill does not only support current beneficiaries but also reinforces the legal and administrative frameworks of such accounts, aligning them with federal standards. It further includes provisions regarding the management of funds and limits to ensure proper oversight and compliance with existing regulations.
Summary
House Bill 991 establishes the ABLE account program in Louisiana, designed to assist individuals with disabilities in saving for qualified expenses related to their health, independence, and quality of life. The program will be administered by the Louisiana Tuition Trust Authority, which will ensure compliance with federal standards as set forth in the ABLE Act. The legislation aims to create a structured system for individuals with disabilities and their families to gather and manage financial resources necessary for various quality-of-life needs without sacrificing eligibility for public assistance programs.
Sentiment
The overall sentiment regarding HB 991 is largely supportive, seen as a significant step toward enhancing the quality of life for individuals with disabilities in Louisiana. Supporters argue that the program will empower families and individuals by providing financial tools that were previously limited under federal assistance frameworks. However, there is also recognition of the critical need for careful regulation and management of these accounts, ensuring that the systems are not exploited and that they truly serve their intended purpose.
Contention
While there is a general agreement on the importance of the ABLE account program, potential contention arises around the implementation and oversight of the fund management. Questions have been raised about how effectively the Louisiana Tuition Trust Authority will administer the program and ensure compliance with both state and federal standards. Concerns about possible overreach in restricting use or qualifications for ABLE accounts further underscore the complexities involved in balancing support with sustainable practices.
Excludes certain amounts deposited into ABLE accounts for qualified expenses of persons with disabilities from state income tax. (8/1/25) (OR DECREASE GF RV See Note)
Excludes certain amounts deposited into ABLE accounts for qualified expenses of persons with disabilities from state income tax. (8/1/25) (EN DECREASE GF RV See Note)
An Act Concerning A Task Force To Study Expanding Governmental Employment Opportunities For Persons With Disabilities, Updates To Able Account Statutes And Oversight Of Driving Programs For Persons With Disabilities.
Excludes certain deposits in special savings accounts for persons with disabilities known as ABLE Accounts from tax table income for purposes of calculating income tax (OR SEE FISC NOTE GF RV)
Requests the Louisiana Department of Health, through its Medical Care Advisory Committee, or the creation of a subcommittee thereof, to study ways for Medicaid to invest in community-based social service organizations that address health-related social needs and determinants
Provides for the governance of state museums and the transfer of museums from the Department of State to the Department of Culture, Recreation and Tourism (OR SEE FISC NOTE SG RV)
Requires fiduciaries for public retirement systems to make investment decisions based solely on financial factors. (8/1/24) (OR SEE ACTUARIAL NOTE APV)