New Hampshire 2024 Regular Session

New Hampshire Senate Bill SB377

Introduced
12/12/23  
Refer
12/12/23  
Report Pass
1/10/24  
Engrossed
2/29/24  
Refer
2/29/24  
Report Pass
4/12/24  
Enrolled
5/30/24  
Chaptered
6/20/24  

Caption

Establishing the achieving a better life experience (ABLE) savings account program administrative fund.

Impact

By creating the ABLE administrative fund, the bill allows for the collection of administrative assessments from the New Hampshire ABLE savings plan, which will be used to cover the costs of administering the plan. This funding approach aims to ensure that no general fund moneys will be involved in the support of the savings plan or its implementation, making it financially sustainable. The nonlapsing nature of the fund ensures that the money is continually appropriated to the treasurer for the program's support, allowing for stability and continuity in providing financial assistance to individuals with disabilities.

Summary

Senate Bill 377 establishes the Achieving a Better Life Experience (ABLE) savings account program administrative fund in New Hampshire. This program aims to provide individuals with disabilities or their families the opportunity to save for disability-related expenses in a tax-advantaged manner. The bill mandates the state treasurer and the executive director to administer the qualified ABLE savings account program, in compliance with federal legislation related to the ABLE Act of 2014 and Section 529A of the Internal Revenue Code. It outlines the responsibilities for the administration, management, and marketing of the program, ensuring proper oversight and funding methods.

Contention

Notably, while the bill has garnered bipartisan support due to its intentions to aid individuals with disabilities, discussions may arise regarding the effectiveness of financial literacy and accessibility of the program to the targeted demographics. There could be concerns about how well the program promotes participation among eligible individuals, as engagement is vital to the fund's success. Additionally, lawmakers and stakeholders could debate the adequacy of the administrative setup and potential impacts on other state-funded programs designed to support individuals with disabilities.

Companion Bills

No companion bills found.

Previously Filed As

NH SB141

Relative to administration of the education freedom accounts program.

NH SB214

Establishing a department of early childhood education and relative to a pre-kindergarten pilot program.

NH SB143

Establishing a scholarship fund for certain small businesses applying for loans from the capital access program administered by the New Hampshire business finance authority.

NH HB620

Establishing a division of early learning in the department of education and relative to a pre-kindergarten pilot program.

NH HB276

Establishing the cyanobacteria mitigation loan and grant fund.

NH HB576

Relative to administration of a commercial property assessed clean energy (C-PACE) program in a clean energy efficiency and clean energy district.

NH SB237

Relative to the child care scholarship program and making an appropriation therefor.

NH SB256

Establishing a safety program for off-highway recreational vehicles.

NH HB341

Establishing licensure for massage establishments.

NH HB538

Establishing a local education freedom account program.

Similar Bills

KY HB422

AN ACT relating to administrative regulations.

KY HB6

AN ACT relating to administrative regulations and declaring an emergency.

KY SB23

AN ACT relating to administrative regulations and declaring an emergency.

KY SB20

AN ACT relating to administrative regulations and declaring an emergency.

KY HB81

AN ACT relating to governmental accountability and declaring an emergency.

KY SB65

AN ACT relating to deficient administrative regulations and declaring an emergency.

KY HB594

AN ACT relating to administrative regulations and declaring an emergency.

KY HB40

AN ACT relating to administrative regulations and declaring an emergency.