7049A72AD2C75AE387258822006E8453 Hearing Summary

Representative Kipp and Representative Larson, co-prime bill sponsors, presented House Bill 22-1320, concerning the Achieving a Better Life Experience (ABLE) Savings Program for individuals with disabilities. The bill modifies the administration and operation of accounts under the ABLE Savings Program. First, the bill 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 bill prohibits the state from filing a claim against an ABLE savings account upon the account owner’s death for outstanding payments due for qualified disability expenses. Additionally, the bill allows taxpayers to deduct contributions to an ABLE savings account from their state taxable income. Expenditures from the account for non-qualified disability expenses are subject to tax recapture.

The bill sponsors responded to questions from the committee.

Angela Baier, representing CollegeInvest, testified in support of the bill.

Brent Jones, representing the National Association of Insurance and Financial Advisors NAIFA-CO, testified in support of the bill.

Daniel Bohle, representing self, testified in support of the bill.

The panelists and Representative Larson responded to questions from the committee.

Representative Kipp explained amendment L.001 (Attachment B).

Representative Larson explained amendment L.002 (Attachment C).

Representative Kipp and Representative Larson provided concluding remarks on the bill. Committee members commented on the bill.