Qualified ABLE Program: CalABLE accounts: funding.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill allows the California ABLE Act Board to receive additional funding sources, including grants and legislative appropriations, to support the Qualified ABLE Program. It directs the Franchise Tax Board to include information about depositing refunds into the California ABLE Program Trust on state tax forms. The bill also authorizes the board to target specific subgroups of eligible individuals and use these funds to promote ABLE account creation and participation through public awareness campaigns. It amends existing sections to clarify the trust’s powers and responsibilities regarding accepting diverse funding sources and administering the program.
Key provisions
- Authorizes the California ABLE Act Board to accept grants, gifts, and legislative appropriations from philanthropic entities.
- Directs the Franchise Tax Board to include information about refund deposits into the California ABLE Program Trust on state tax forms.
- Allows the board to target specific subgroups of eligible individuals for outreach and enrollment.
- Authorizes the use of additional funds for public awareness campaigns to encourage ABLE account creation.
- Amends Section 4877 of the Welfare and Institutions Code to expand the California ABLE Program Trust’s authority to accept diverse funding sources.
- Requires the Franchise Tax Board to revise taxpayer form instructions.
- Establishes a process for the Franchise Tax Board to receive descriptions of the ABLE programs from relevant agencies.
- Defines key terms related to the ABLE programs for clarity.
Bill text
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Sponsors
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1 on record
Primary sponsor
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