This bill establishes the Achieving a Better Life Experience (ABLE) savings account program administrative fund. The bill amends RSA 195-K:2 to require the state treasurer and the executive director to establish and administer a qualified ABLE savings account program, in accordance with the Achieving a Better Life Experience Act of 2014 and section 529A of the United States Internal Revenue Code of 1986, as amended. It also mandates the adoption of rules for the administration, management, promotion, and marketing of the program, ensuring compliance with federal law. Notably, the bill removes the provision that prohibited the expenditure of general fund moneys in support of the savings plan.

The bill introduces a new section, RSA 195-K:6, which creates the ABLE administrative fund, to be 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, solicit, and receive donations to support the plan. All gifts and donations will be credited to the ABLE administrative fund, which will have nonlapsing moneys that are 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 became effective on June 14, 2024.

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