Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Disability Financial Programs topic
No spam. Unsubscribe anytime.
Committee recommends ABLE Act update to match federal rules; bill approved 11–0
Summary
Senate Bill 452 would modernize Tennessee's ABLE accounts to align with new federal ABLE program regulations; committee approved the bill and reported it to the calendar committee with an 11–0 vote.
The Senate Finance, Ways and Means Committee unanimously recommended Senate Bill 452 for passage on April 8. Sponsor lawmakers described the measure as necessary to align Tennessee's Achieving a Better Life Experience (ABLE) program with updated federal regulations so that state ABLE programs retain federal tax-advantaged status.
A sponsor said Tennessee enacted the original ABLE law in February 2015 and that the proposed changes will bring the state's program into compliance with new federal ABLE rules. Committee discussion was brief; a staff explanation noted the bill is funded in the administration amendment. Committee members briefly discussed the risk that failing to align with federal requirements would cause a program to lose tax protections under federal law.
Clerk-roll vote: the committee recorded 11 ayes, 0 nays and recommended SB452 for passage to the calendar committee.
What’s next: SB452 moves to the calendar committee for consideration by the full Senate.
