- District 17
This Act responds to the promulgation of final federal regulations, 85 FR 74010, for state-sponsored savings programs under section 529A of the Internal Revenue Code, the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 (“ABLE”), through which contributions may be made to the account of an eligible individual with a disability to meet qualified disability expenses. The federal regulations, among other things, resolve questions related to who may establish and exercise signature authority over an ABLE account. The final regulations clarify that an eligible individual with legal capacity may delegate signature authority to any other person and provide a hierarchy of persons who may establish or exercise signature authority over an ABLE account for an individual without legal capacity. The final regulations also clarify that expenses incurred at a time when a designated beneficiary is neither disabled nor blind are not qualified disability expenses. The Act makes changes to Chapter 96A of Title 16 of the Delaware Code for the sole purpose of conforming the Code to these aspects of the final regulations.
Signed by Governor
Passed By House. Votes: 40 YES 1 ABSENT
Passed By Senate. Votes: 21 YES
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