Cathy Kipp
- Democratic
- Representative
- District 52
Primary
The collegeinvest authority administers the achieving a better life experience (ABLE) savings program. Individuals who were declared disabled, as defined under federal law, before reaching 26 years of age are eligible to open an ABLE savings account. ABLE savings accounts under section 529A of the internal revenue code are modeled after section 529 college savings accounts, but, unlike those accounts, ABLE savings accounts may be used to save for many expenses related to an individual's disability without disqualifying the individual for certain federal benefits. The act modifies the administration and operation of these accounts in 2 ways. First, the act allows a person other than the individual with a disability to open an ABLE savings account for the individual and to have signature authority over that account. Second, the act prohibits the state from filing a claim against the ABLE savings account upon the account owner's death for outstanding payments due for qualified disability expenses. The act also modifies the tax benefits associated with an ABLE savings account for the 2023, 2024, and 2025 tax years. Under the act, a taxpayer may deduct from their federal taxable income for purposes of calculating their state taxable income certain contributions made to an ABLE savings account. Further, the act ensures that a taxpayer does not encounter tax recapture of any deductions claimed for these contributions when distributions are made from an ABLE savings account for qualified disability expenses. $44,517 is appropriated from the general fund to the department of revenue for the implementation of the act. (Note: This summary applies to this bill as enacted.)
Governor Signed
Sent to the Governor
Signed by the President of the Senate
Signed by the Speaker of the House
Senate Third Reading Passed - No Amendments
Senate Second Reading Special Order - Passed - No Amendments
Senate Committee on Appropriations Refer Unamended - Consent Calendar to Senate Committee of the Whole
Senate Committee on Finance Refer Unamended to Appropriations
House Third Reading Passed - No Amendments
House Second Reading Special Order - Passed with Amendments - Committee, Floor
House Second Reading Special Order - Laid Over Daily - No Amendments
House Committee on Appropriations Refer Amended to House Committee of the Whole
House Committee on Finance Refer Amended to Appropriations
House Committee on Public & Behavioral Health & Human Services Refer Amended to Finance
Introduced In House - Assigned to Public & Behavioral Health & Human Services
| Bill Text Versions | Format |
|---|---|
| Signed Act (05/26/2022) | |
| Final Act (05/25/2022) | |
| Rerevised (05/04/2022) | |
| Revised (05/03/2022) | |
| Reengrossed (04/25/2022) | |
| Engrossed (04/22/2022) | |
| Introduced (03/24/2022) | |
| PA3 (04/21/2022) | |
| PA2 (04/18/2022) | |
| PA1 (04/14/2022) | |
| Committee Amendment |
| Document | Format |
|---|---|
| Fiscal Note SA1 (04/20/2022) | |
| Fiscal Note SA2 (05/02/2022) | |
| Fiscal Note FN1 (04/05/2022) | |
| Fiscal Note FN2 (08/23/2022) |
Data on Open States is updated periodically throughout the day from the official website of the Colorado General Assembly.
If you notice any inconsistencies with these official sources, feel free to file an issue.