Assembly Bill A6516

2015-2016 Legislative Session

Relates to the creation of the New York achieving a better life experience (NY ABLE) act

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-A6516 (ACTIVE) - Details

Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add Art 2-D §§90 - 90-f, amd §237, Bank L; amd §612, Tax L

2015-A6516 (ACTIVE) - Summary

Relates to the creation of the New York achieving a better life experience (NY ABLE) savings account act.

2015-A6516 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6516

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                             March 26, 2015
                               ___________

Introduced  by M. of A. GUNTHER -- read once and referred to the Commit-
  tee on Banks

AN ACT to amend the banking law and the tax law, in relation  to  estab-
  lishing the NY ABLE act

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited as the  "New  York
achieving a better life experience (NY ABLE) savings account act".
  S  2.  Legislative  intent.  The  legislative intent of this act is to
encourage and assist individuals and families in  saving  private  funds
for  the purpose of supporting individuals with disabilities to maintain
health, independence and quality of life; and to provide secure  funding
for  disability  related  expenses on behalf of designated beneficiaries
with disabilities that  will  supplement,  but  not  supplant,  benefits
provided through existing sources.
  S 3. The banking law is amended by adding a new article 2-D to read as
follows:
                               ARTICLE 2-D
     NEW YORK ACHIEVING A BETTER LIFE EXPERIENCE SAVINGS ACCOUNT ACT
SECTION 90.   SHORT TITLE.
        90-A. DEFINITIONS.
        90-B. ESTABLISHMENT OF PLAN.
        90-C. NY ABLE ACCOUNT ADVISORY COMMITTEE.
        90-D. PROGRAM REQUIREMENTS.
        90-E. DISTRIBUTION REQUIREMENTS.
        90-F. POWERS OF THE COMPTROLLER.
  S 90. SHORT TITLE.
  THIS  ARTICLE SHALL BE KNOWN AND MAY BE CITED AS THE "NEW YORK ACHIEV-
ING A BETTER LIFE EXPERIENCE (NY ABLE) SAVINGS ACCOUNT ACT".
  S 90-A. DEFINITIONS.
  AS USED IN THIS ARTICLE:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10067-01-5
              

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