| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Klick H.B. No. 2947 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to eligible participants in the Texas Achieving a Better | |
| 7 | 7 | Life Experience (ABLE) Program. | |
| 8 | 8 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 9 | 9 | SECTION 1. Section 54.910(b), Education Code, is amended to | |
| 10 | 10 | read as follows: | |
| 11 | 11 | (b) If the designated beneficiary is not able to exercise | |
| 12 | 12 | signature authority over an account or chooses to establish an | |
| 13 | 13 | account but not exercise signature authority [of the account is a | |
| 14 | 14 | minor or has a custodian or other fiduciary appointed for the | |
| 15 | 15 | purpose of managing the minor's financial affairs], the parent, | |
| 16 | 16 | l | |
| 17 | 17 | egal guardian, [or custodian] or other fiduciary of the | |
| 18 | 18 | beneficiary may serve as the participant if [that form of ownership | |
| 19 | 19 | is] permitted [or not prohibited] by Section 529A, Internal Revenue | |
| 20 | 20 | Code. | |
| 21 | 21 | SECTION 2. This Act takes effect immediately if it receives | |
| 22 | 22 | a vote of two-thirds of all the members elected to each house, as | |
| 23 | 23 | provided by Section 39, Article III, Texas Constitution. If this | |
| 24 | 24 | Act does not receive the vote necessary for immediate effect, this | |
| 25 | 25 | Act takes effect September 1, 2019. |