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Sponsors
Senator · Senate District 38
1 Co-sponsor
History
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7937
Title of bill
An act to amend the mental hygiene law, the banking law and the tax law, in relation to establishing the NY ABLE act
Purpose
To establish the New York State Achieving Better Life Experience Accounts for individuals with intellectual and developmental disabilities.
Summary of provisions
Section 1 is the short title.
Section 2 is the legislative intent for the creation of ABLE accounts.
Section 3 amends the mental hygiene law by addition a new article 84.
84.03 Establishes definitions for this act.
84.05 Requires the commissioner of the office of people with developmental disabilities to establish the ABLE accounts plans for eligible individuals with the goal and purpose of supporting individuals with disabilities to maintain health, independence, and quality of life.
84.09 Provides the distribution requirements and qualified expenses which at a minimum shall include the following;
-Tuition, -Education Materials and services, -Housing expenses for a primary residence including; *Real Property Taxes, and
*Utility Charges.
-Mass Transit, -Vehicle, -Expenses related to obtaining and maintaining employment, -Health, -Prevention and Wellness. -Expenses including:
*Insurance Premiums,
*Rehabilitation Services.
*Durable Medical Equipment, and
*Nutritional Management -Any other expense the Commissioner of OPWDD deems qualified.
84.1 1 is the powers of the comptroller
Section 4 amends section 237 of the banking law to designate the superintendent of financial services to promulgate rules and regulations to allow a savings bank to act as trustee of an ABLE account.
Section 5 amends subsection (c) of section 612 of the tax law is amended by adding two new paragraphs.
Section 6 is the effective date.
Justification
The purpose of this legislation is to create New York State Achieving Better Life Experience (ABLE) accounts to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with intellectual and developmental disabilities to maintain health, independence and quality of life.
Legislative history
New Bill.
Fiscal implications
Minimal.
Effective date
This act shall take effect on the one hundred eightieth day after it shall become a law; provided, however, that effective immediately, the addition, amendment and/or repeal of any rules or regulations necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.