The bill proposes the establishment of the Achieving a Better Life Experience (ABLE) savings account program administrative fund. It amends RSA 195-K:2 to mandate that the state treasurer and the executive director create and manage a qualified ABLE savings account program in line with the Achieving a Better Life Experience Act of 2014 and section 529A of the United States Internal Revenue Code of 1986, as amended. The bill also requires the adoption of rules for the administration, management, promotion, and marketing of the ABLE program. Notably, the bill includes a deletion, removing the provision that no general fund moneys shall be expended in support of the savings plan or its implementation.

The bill introduces a new section, RSA 195-K:6, which creates the ABLE administrative fund, kept separate from other funds. Administrative assessments from the New Hampshire ABLE savings plan will be credited to this fund and used to cover the costs of administering the savings plan. Additionally, the state treasurer and the executive director are authorized to run promotional programs and accept cash gifts or donations to support the savings plan. All gifts, grants, and donations will be credited to the ABLE administrative fund, which will have nonlapsing moneys continually appropriated for supporting the savings plan. The bill also amends RSA 6:12, I(b) to include the ABLE administrative fund in the application of receipts. The act is set to take effect upon its passage, and the Legislative Budget Assistant has determined that the fiscal impact of this legislation will be less than $10,000 annually from 2024 to 2027.

Statutes affected:
Introduced: 195-K:2, 6:12
Version adopted by both bodies: 195-K:2, 6:12