H1319B1767A02337 MSP:NLH 06/20/15 #90 A02337
AMENDMENTS TO HOUSE BILL NO. 1319
Sponsor: REPRESENTATIVE MARSHALL
Printer's No. 1767
Amend Bill, page 3, lines 17 through 19, by striking out "The
contract executed by the" in line 17 and all of lines 18 and 19
and inserting
The contract executed by the department and a person or
legal entity to serve as investment managers, program managers
and trustees to the department on behalf of the program.
Amend Bill, page 4, lines 19 through 21, by striking out all
of lines 19 and 20 and "(3)" in line 21 and inserting
(2)
Amend Bill, page 4, lines 24 and 25, by striking out
"Exemption.--A qualified ABLE program shall be exempt" in line
24 and all of line 25 and inserting
(Reserved).
Amend Bill, page 4, lines 29 and 30, by striking out "$14,000
for the calendar year in which the taxable year begins" and
inserting
any limit set forth in IRC § 529A
Amend Bill, page 5, line 1, by striking out "The" and
inserting
Notwithstanding any other provision of law, the
Amend Bill, page 5, lines 3 and 4, by striking out "the
Stephen Beck, Jr., ABLE Act of 2014 (Pub. L. 113–295, div. B,
§1(a), 128 Stat. 4056)" and inserting
IRC § 529A
Amend Bill, page 5, lines 14 through 16, by striking out "one
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or more financial institutions." in line 14 and all of lines 15
and 16 and inserting
a legal entity. If the department contracts with investment
managers, program managers or trustees in order to fulfill the
objectives of this act, the investment managers, program
managers and trustees must work with the department to create a
program, to develop investment portfolios and to supervise
investments and the investment programs selected.
Amend Bill, page 5, line 28, by striking out "single"
Amend Bill, page 5, line 28, by inserting after "account"
limitation
Amend Bill, page 5, line 29, by inserting after "limit"
as required in IRC § 529A
Amend Bill, page 7, by inserting between lines 17 and 18
(2.1) The department shall prepare, and through the
Governor, submit annually to the General Assembly a budget
covering the operating and administrative expenses of the
program. Upon approval by the General Assembly in an
appropriation bill, expenses incurred by the program and the
department shall be paid from the fees and charges or from
other funds available.
Amend Bill, page 9, lines 3 through 10, by striking out all
of said lines and inserting
Section 7. Powers of the department.
In addition to any other powers granted under this act, the
department shall have the power to carry out this act,
including, but not limited to, the power to do any of the
following:
(1) Administer the program and the ABLE savings program
fund.
(2) Enter into contracts with individuals for the
creation of an ABLE savings account.
(3) Pay to an account owner, eligible individual or a
third party authorized by the account owner, upon receipt of
appropriate documentation if required by the department,
funds from the account to pay for the eligible individual's
qualified disability expenses.
(4) Contract for goods and services and engage and
employ personnel, including, but not limited to, the service
of private consultants, actuaries, managers, legal counsel
and auditors for rendering professional, managerial and
technical assistance and advice.
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(5) Solicit and accept gifts, grants, loans and other
aid from any person, corporation or other entity or from
Federal, State or local government and participate in any
Federal, State or local government program that results in
additional funds being available to pay for the qualified
disability expense of eligible individuals with ABLE savings
accounts.
(6) Charge and collect administrative fees and charges
in connection with any transaction, including continued
participation in the ABLE program.
(7) Close ABLE savings accounts and return any remaining
funds, minus any fees, to the account owner.
(8) Contract for insurance, letters of credit and
collateral agreements.
(9) Adjust the terms of contracts with account owners.
(10) Solicit answers from the appropriate Federal
agencies regarding the application of security or other
Federal laws to the program.
(11) Consider means by which contributions into an ABLE
savings account can be deducted from salary.
(12) Promulgate regulations.
(13) Take any other action necessary to carry out the
purpose of this act and incidental to the duties imposed on
the Secretary of the Treasury.
Amend Bill, page 9, line 11, by striking out "7" and
inserting
8
Amend Bill, page 9, line 26, by striking out "8" and
inserting
9
Amend Bill, page 10, line 18, by striking out "9" and
inserting
10
Amend Bill, page 10, line 19, by striking out "on a monthly
basis"
Amend Bill, page 10, line 23, by striking out "10" and
inserting
11
Amend Bill, page 10, line 26, by striking out "11" and
inserting
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Amend Bill, page 11, lines 14 through 30; page 12, lines 1
through 12; by striking out all of said lines on said pages
Amend Bill, page 12, line 13, by striking out "12" and
inserting
13
Amend Bill, page 12, line 27, by striking out "13" and
inserting
14
Amend Bill, page 13, line 9, by striking out "14" and
inserting
15
Amend Bill, page 13, line 15, by striking out "15" and
inserting
16
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