LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION March 7, 2017 TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB377 by Perry (Relating to the Texas Achieving a Better Life Experience (ABLE) Program.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Education Code relating to the Texas Achieving a Better Life Experience (ABLE) Program. The bill would authorize the Prepaid Higher Education Tuition Board (board) to establish residency requirements for a designated ABLE beneficiary. The bill would authorize the board to enter into an agreement to engage services through a consortium of states and to enter into an agreement with another entity to act as a plan manager. The bill would authorize the board to contract with a financial institution retained by another state or by a consortium of states to serve as plan managers and to invest the money in ABLE accounts. The bill would take effect immediately upon receipt of a two-thirds vote of all members elected to each house; otherwise, the bill would take effect September 1, 2017.According to the Comptroller of Public Accounts, which houses the board, implementation of the provisions of the bill could be absorbed within existing resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts, 710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration, 758 Texas State University System, 768 Texas Tech University System Administration, 769 University of North Texas System Administration, 783 University of Houston System Administration LBB Staff: UP, CL, NV, LCO
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION
March 7, 2017
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB377 by Perry (Relating to the Texas Achieving a Better Life Experience (ABLE) Program.), As Introduced
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB377 by Perry (Relating to the Texas Achieving a Better Life Experience (ABLE) Program.), As Introduced
Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SB377 by Perry (Relating to the Texas Achieving a Better Life Experience (ABLE) Program.), As Introduced
SB377 by Perry (Relating to the Texas Achieving a Better Life Experience (ABLE) Program.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Education Code relating to the Texas Achieving a Better Life Experience (ABLE) Program. The bill would authorize the Prepaid Higher Education Tuition Board (board) to establish residency requirements for a designated ABLE beneficiary. The bill would authorize the board to enter into an agreement to engage services through a consortium of states and to enter into an agreement with another entity to act as a plan manager. The bill would authorize the board to contract with a financial institution retained by another state or by a consortium of states to serve as plan managers and to invest the money in ABLE accounts. The bill would take effect immediately upon receipt of a two-thirds vote of all members elected to each house; otherwise, the bill would take effect September 1, 2017.According to the Comptroller of Public Accounts, which houses the board, implementation of the provisions of the bill could be absorbed within existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts, 710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration, 758 Texas State University System, 768 Texas Tech University System Administration, 769 University of North Texas System Administration, 783 University of Houston System Administration
304 Comptroller of Public Accounts, 710 Texas A&M University System Administrative and General Offices, 720 The University of Texas System Administration, 758 Texas State University System, 768 Texas Tech University System Administration, 769 University of North Texas System Administration, 783 University of Houston System Administration
LBB Staff: UP, CL, NV, LCO
UP, CL, NV, LCO