The bill establishes the Kansas Postsecondary Education Savings Account and Kansas ABLE Savings Account Grant Incentive Program, which aims to encourage the creation of savings accounts for postsecondary education and disability-related expenses. It authorizes the transfer of funds from the state general fund to support this program and creates a new trust fund specifically for the grant incentive program. The bill also repeals the existing low-income family postsecondary savings accounts incentive program, thereby streamlining the state's approach to tax-advantaged savings programs.

Key amendments include the establishment of the Kansas Postsecondary Education Savings Account and ABLE Savings Account Grant Incentive Trust Fund, which will receive all moneys related to the new program. The bill modifies definitions and eligibility criteria, replacing references to the low-income family program with the new grant incentive program. Additionally, it specifies that the state treasurer will manage the program, including the approval of grant applications and the distribution of matching funds, while ensuring that all unspent funds remain in the trust fund at the end of each fiscal year.

Statutes affected:
As introduced: 75-648, 75-650