Plain English Breakdown
The official text states the board can target specific subgroups 'as specified,' but does not list those specifications within this summary excerpt.
New Funding and Tax Refund Options for CalABLE Accounts
This law allows the state's disability savings program to accept money from charities, use funds for public awareness campaigns targeting specific groups, and requires tax forms to include information about directing part of a refund into these accounts.
What This Bill Does
- Allows the California ABLE Act Board to accept grants, gifts, legislative appropriations, and other moneys from philanthropic entities.
- Specifies that the program can receive legislative appropriations for its funds.
- Authorizes the board to use received money to encourage eligible individuals to create an account or maximize participation through public awareness efforts.
- Permits the board to target specific subgroups of eligible individuals with these outreach activities.
- Requires the Franchise Tax Board to include information on tax return instructions about depositing a portion of a refund into the California ABLE Program Trust.
Who It Names or Affects
- The California ABLE Act Board, which manages the state's disability savings program.
- Eligible individuals with disabilities who may be targeted by new outreach efforts or encouraged to open accounts.
- Philanthropic entities that are now authorized as a source of funding for the program.
- California taxpayers filing returns who will see information about directing refunds into CalABLE.
Terms To Know
- CalABLE Program
- A state-run savings trust established to implement federal law, helping individuals with disabilities save for qualified expenses while maintaining benefits.
- Philanthropic entity
- An organization authorized by this bill to provide grants, gifts, or other moneys to the CalABLE program fund.
- Legislative appropriation
- Money officially set aside by the state Legislature for a specific purpose; this law specifies that the program can receive such funds.
Limits and Unknowns
- The bill does not specify which subgroups of eligible individuals will be targeted.
- The text does not list exact dollar amounts or dates when new funding must begin.
- It is unclear how much money philanthropic entities might actually donate to the program.