SB226 Alabama 2015 Session
Bill Summary
Currently, the State of Alabama's college savings program pursuant to Section 529 of the Internal Revenue Code of 1986, as amended, is the Wallace-Folsom College Savings Investment Plan that consists of the Alabama College Education Savings (ACES) Program and the Alabama Prepaid Affordable College Tuition (PACT) Program to assist individuals in paying costs and expenses of attending colleges and universities. Recently, the Achieving a Better Life Experience (ABLE) Act of 2014 established Section 529A of the Internal Revenue Code of 1986, as amended, to allow families and individuals to save for disability-related expenses of a disabled individual in a federal tax-advantaged account modeled after Section 529 of the Internal Revenue Code of 1986, as amended, to be established and maintained by the state
This bill would include ABLE in the legislative intent; rename the Wallace-Folsom College Savings Investment Plan to the Wallace-Folsom Savings Investment Plan; to provide for the ABLE Program; provide for definitions relating to the ABLE Program; would provide for the income tax exemption eligible to the ABLE Program; and provide appropriations for Fiscal Year 2015 for development and implementation of the ABLE Program
This bill would amend Sections 16-33C-1, 16-33C-2, 16-33C-2.1, 16-33C-3, 16-33C-4, 16-33C-5, 16-33C-10, 16-33C-11, 16-33C-12, and 40-18-19, Code of Alabama 1975 to rename the Wallace-Folsom College Savings Investment Plan to the Wallace-Folsom Savings Investment Plan; to provide for the ABLE Program; provide for definitions relating to the ABLE Program; provide for the income tax exemption eligible to the ABLE Program; allow board members that are employed by the state. This bill would add new sections to the Code of Alabama 1975, to generally provide for the ABLE Program; provide for the investment of ABLE and ACES Programs; and provide appropriations for Fiscal Year 2015 for development and implementation of the ABLE Program.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| June 4, 2015 | S | Assigned Act No. 2015-442. |
| June 4, 2015 | S | Enrolled |
| June 4, 2015 | H | Signature Requested |
| June 4, 2015 | S | Passed Second House |
| June 3, 2015 | H | Motion to Read a Third Time and Pass adopted Roll Call 1241 |
| June 3, 2015 | H | Third Reading Passed |
| April 16, 2015 | H | Read for the second time and placed on the calendar |
| April 7, 2015 | H | Read for the first time and referred to the House of Representatives committee on Ways and Means Education |
| April 2, 2015 | S | Motion to Read a Third Time and Pass adopted Roll Call 295 |
| April 2, 2015 | S | Third Reading Passed |
| March 18, 2015 | S | Read for the second time and placed on the calendar |
| March 12, 2015 | S | Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 15, 2015 | Room 617 at 09:00 | House W&ME Hearing |
| Hearing | March 18, 2015 | Room 727 * Agenda Revised 1* at 15:00 | Senate FR&ED Hearing |
| Hearing | March 18, 2015 | Room 727 at 15:00 | Senate FR&ED Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB226 Alabama 2015 Session - Enrolled |
| Bill Text | SB226 Alabama 2015 Session - Introduced |