Existing law authorizes the State Treasurer to adopt regulations to establish and carry out the Nevada ABLE Savings Program. The Program provides tax-advantaged savings trust accounts to be created for persons who have certain qualifying disabilities. (NRS 427A.889) Section 4 of this bill creates the Transforming Opportunities for Toddlers and Students Grant Program within the Nevada ABLE Savings Program and requires the State Treasurer to administer the Grant Program. Section 4: (1) provides that persons with certain disabilities who are under 18 years of age and have an account established through the Nevada ABLE Savings Program are eligible to apply for the Grant Program; and (2) requires that an award from the Grant Program be deposited into the grant recipient's Nevada ABLE Savings Program account. Section 6 of this bill authorizes the State Treasurer to adopt regulations for the administration of the Grant Program, including, without limitation, the application process for a grant from the Grant Program. Existing law authorizes the State Treasurer to: (1) delegate certain powers and duties related to the Nevada ABLE Savings Program; and (2) contract with one or more states to carry out the Program. (NRS 427A.890) Section 7 of this bill similarly authorizes the State Treasurer to delegate such powers and duties and to enter into such contracts for the purposes of the Grant Program. Existing law requires the State Treasurer to establish certain accounts for the Nevada ABLE Savings Program. (NRS 427A.893) Section 8 of this bill authorizes the expenditure of the money in the Endowment Account for the purposes of the Grant Program. Sections 2 and 3 of this bill define the terms “Grant Program” and “qualified disability expenses” for the purposes of the Grant Program. Section 5 of this bill makes a conforming change to indicate the proper placement of sections 2 and 3 in the Nevada Revised Statutes. Section 9 of this bill makes an appropriation from the State General Fund to the Endowment Account for the awarding of grants through the Grant Program.

Statutes affected:
As Introduced: 427A.882, 427A.889, 427A.890, 427A.893
BDR: 427A.882, 427A.889, 427A.890, 427A.893