Substitute Senate Bill No. 1476 seeks to amend Connecticut's statutes regarding Achieving a Better Life Experience (ABLE) accounts by repealing Sections 3-39j and 3-39k and introducing new definitions and procedures. The bill defines "ABLE account" as an account established for covering qualified disability expenses for a designated beneficiary and introduces the term "authorized individual," who can establish an ABLE account on behalf of an eligible individual. The bill also clarifies the responsibilities of the State Treasurer in managing the ABLE program, emphasizing outreach efforts to promote these accounts while ensuring compliance with federal regulations under Section 529A of the Internal Revenue Code.

Additionally, the bill updates eligibility criteria to allow individuals with disabilities that occurred before age 46 to participate in the program starting January 1, 2026, and replaces "depositors" with "authorized individuals" to align with federal definitions. It expands the disregard of funds in ABLE accounts for means-tested public assistance programs, previously limited to specific federally funded programs, and ensures that future changes in federal law are automatically incorporated into state law. The bill also mandates annual reports from the State Treasurer on the trust's operations and allows for the establishment of ABLE accounts by authorized individuals, thereby enhancing the operational framework of the trust while safeguarding the interests of beneficiaries.

Statutes affected:
Raised Bill: 3-39j, 3-39k, 3-39l, 3-39p, 3-39q, 3-39r
HS Joint Favorable: 3-39j, 3-39k, 3-39l, 3-39p, 3-39q, 3-39r
File No. 385: 3-39j, 3-39k, 3-39p, 3-39q, 3-39r