Senate Bill 2607

AN ACT TO CREATE THE MISSISSIPPI ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) ACT; TO DEFINE CERTAIN TERMS AND PHRASES RELATING TO THE MISSISSIPPI ABLE PROGRAM; TO ESTABLISH AND PRESCRIBE THE POWERS OF THE STATE TREASURER RELATING TO THE ADMINISTRATION OF THE MISSISSIPPI ABLE PROGRAM; TO PRESCRIBE CERTAIN TERMS OF ABLE TRUST AGREEMENTS ENTERED INTO UNDER THE PROGRAM; TO ESTABLISH THE ABLE TRUST FUND; TO EXEMPT PROPERTY IN THE TRUST FUND FROM TAXATION AND TO ESTABLISH DEDUCTIONS FOR PAYMENTS TO ABLE ACCOUNTS; TO PRESCRIBE THE AUTHORITY OF THE STATE TREASURER TO INVEST FUNDS IN THE TRUST FUND; TO REQUIRE THE STATE TREASURER TO PROVIDE ANNUAL ACCOUNTING STATEMENTS; TO REQUIRE THE STATE TREASURER TO ESTABLISH AND ADMINISTER THE MISSISSIPPI ABLE PROGRAM BY JULY 1, 2017; TO SPECIFY THE REQUIREMENTS THAT MUST BE MET BEFORE IMPLEMENTATION OF THE PROGRAM; TO REQUIRE A PARTICIPATION AGREEMENT FOR THE PROGRAM WHICH CONTAINS SPECIFIED PROVISIONS AUTHORIZING OTHER PROVISIONS THAT MAY BE INCLUDED IN THE AGREEMENT; TO PROVIDE FOR THE AMENDMENT OF THE AGREEMENT UNDER CERTAIN CIRCUMSTANCES; TO PROVIDE FOR THE USE OF THE BALANCE OF AN ABANDONED ABLE ACCOUNT BY THE STATE TREASURER; TO PROVIDE THAT A CONTRACT OR PARTICIPATION AGREEMENT ENTERED INTO BY THE STATE TREASURER OR AN OBLIGATION OF THE STATE TREASURER DOES NOT CONSTITUTE A DEBT OR OBLIGATION OF THE STATE OF MISSISSIPPI; TO AUTHORIZE THE STATE TREASURER TO CONTRACT WITH OTHER STATES FOR SPECIFIED PURPOSES UNDER CERTAIN CIRCUMSTANCES; TO PROVIDE FOR THE TERMINATION OF THE PROGRAM UNDER CERTAIN CIRCUMSTANCES AND FOR THE DISPOSITION OF CERTAIN ASSETS UPON TERMINATION; TO PROHIBIT THE STATE FROM LIMITING OR ALTERING THE SPECIFIED VESTED RIGHTS OF DESIGNATED BENEFICIARIES EXCEPT UNDER SPECIFIED CIRCUMSTANCES; TO REQUIRE THE STATE TREASURER TO ESTABLISH A COMPREHENSIVE INVESTMENT PLAN FOR THE PROGRAM; TO EXEMPT FUNDS PAID INTO THE PROGRAM'S TRUST FUND FROM THE CLAIMS OF SPECIFIED CREDITORS; TO PROVIDE FOR RECOVERY BY THE DIVISION OF MEDICAID OF CERTAIN MEDICAL ASSISTANCE PROVIDED TO A DECEASED DESIGNATED BENEFICIARY; TO PROVIDE FOR THE DISTRIBUTION OF THE BALANCE OF A DECEASED DESIGNATED BENEFICIARY'S ABLE ACCOUNT; TO REQUIRE THE STATE TREASURER TO ASSIST AND COOPERATE WITH THE APPROPRIATE AGENCY FOR HEALTH CARE ADMINISTRATION AND DIVISION OF MEDICAID PROGRAM IN OTHER STATES BY PROVIDING SPECIFIED INFORMATION; TO AMEND SECTION 27-7-15, MISSISSIPPI CODE OF 1972, TO EXCLUDE PAYMENTS TO AN ABLE ACCOUNT FROM THE DEFINITION OF GROSS INCOME FOR INCOME TAX PURPOSES; TO AMEND SECTIONS 27-7-17 AND 27-7-18, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.

In the Senate

• Kevin Blackwell

  Sponsor

l9n doesn't hold this bill's text yet.

In the Senate Feb 8 – Mar 3

1. Feb 8Referred to the Senate committee on Finance
2. Feb 23Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Mar 3Committee substitute adopted in the Senate
4. Passed the Senate

In the House of Representatives Mar 4 – Mar 22

1. Mar 4Sent to the House
2. Mar 14Referred to the House committees on Public Health and Human Services and on Revenue and Expenditure General Bills
3. Mar 22Died in committee in the House