Saturday, May 20, 2017

Rep. Lesser Statement On Passage Of Better Life Experience Program Bill

Rep. Matt Lesser
After leading the House Tuesday in approving House Bill 7032, An Act Regarding the Office of the
State Treasurer’s Recommended Revisions to the Achieving a Better Life Experience Program, Rep. Matthew Lesser (D-Middletown) issued the following statement:
“I’m thrilled the House has unanimously passed legislation that will meaningfully help families with disabilities across Connecticut. This legislation, which received bipartisan support and the critical assistance of the state treasurer, will give the state the ability to partner with other states to help families save money through tax-free ABLE accounts to support family members with disabilities.”

This bill removes the requirement that designated beneficiaries of federally qualified Achieving a Better Life Experience (ABLE) accounts be residents of Connecticut or a state it contracts with to provide ABLE accounts to Connecticut residents. As under current law, the bill requires a beneficiary to be eligible (i.e., meet the disability requirements) and an owner of a qualified ABLE account.

The bill, which now goes to the Senate, would become effective when the governor signs it into law.

Rep. Lesser is the House chair of the legislature’s Banking Committee.

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