Reference is to the bill as introduced.
Amend the bill, as and if amended, page 1, lines 34-39, by striking Section 11-5-400 in its entirety and inserting:
/ Section 11-5-400. There is established the 'South Carolina ABLE Savings Program'. The purpose of the South Carolina ABLE Savings Program is to authorize the establishment of savings accounts empowering individuals with a disability and their families to save private funds which can be used to provide for disability-related expenses in a way that supplements, but does not supplant, benefits provided through private insurance, the Medicaid program under Title XIX of the Social Security Act, the supplemental security income program under Title XVI of the Social Security Act, the beneficiary's employment, and other sources; and to provide guidelines for the maintenance of these accounts. /
Amend the bill further, as and if amended, page 2, lines 4-9, by striking Section 11-5-410(2) and inserting:
/ (2) 'Account owner' means the person who enters into an ABLE savings agreement pursuant to the provisions of this article. The account owner also must be the designated beneficiary; however, a trustee, guardian, or conservator may be appointed as an account owner for a designated beneficiary who is a minor or lacks capacity to enter into an agreement. Also, the agent of the designated beneficiary acting under durable power of attorney may open and manage an account on behalf of and in the name of a designated beneficiary who lacks capacity. /
Amend the bill further, as and if amended, page 6, lines 10-14, by striking Section 11-5-430(D) and inserting:
/ (D) The State Treasurer, the Department of Social Services, the Department of Health and Human Services, and the Department of Disability and Special Needs are authorized to exchange data regarding eligible individuals to carry out the purposes of this article. /
Amend the bill further, as and if amended, page 6, lines 16-23, by striking the first paragraph of Section 11-5-440(A) and inserting:
/ Section 11-5-440. (A) An ABLE savings account established pursuant to the provisions of this article must be opened by a designated beneficiary, a designated beneficiary's agent under a durable power of attorney, a trustee holding funds for the benefit of a designated beneficiary, or a court appointed guardian or conservator of a designated beneficiary. Each designated beneficiary may have only one account. The State Treasurer may establish a nonrefundable application fee. An application for an account must be in the form prescribed by the State Treasurer and contain the following: /
Amend the bill further, as and if amended, page 7, lines 33-40, by striking Section 11-5-440(F) and inserting:
/ (F)(1) The program
shall provide separate accounting for each designated
beneficiary. An annual fee may be imposed upon the account owner
for the maintenance of an account.
(2)
Funds held in an ABLE savings account:
(a)
are exempt from attachment, execution, or garnishment for
claims of creditors of the contributor and the designated
beneficiary;
(b)
to the fullest extent permissible under state and federal
law, will be disregarded for the purposes of determining a
designated beneficiary's eligibility to receive, or the amount
of, any public assistance available to the designated
beneficiary, including Medicaid; and
(c)
may be, following the death of a designated beneficiary,
subject to recovery by the South Carolina Department of Health
and Human Services up to an amount equal to the total of
Medicaid benefits, if any, paid on behalf of the designated
beneficiary by the state Medicaid program, but only to the
extent recovery is required by state or federal law. Recovery
by the State is subject to regulations imposed by the
secretary.
(3)
The amount distributed from an ABLE savings account for
the purposes of paying qualified disability expenses:
(a)
are exempt from attachment, execution, or garnishment for
claims of creditors of the contributor and the designated
beneficiary; and
(b)
to the fullest extent permissible under state and federal
law, will be disregarded for the purposes of determining a
designated beneficiary's eligibility to receive, or the amount
of, any public assistance available to the designated
beneficiary, including Medicaid.
(G) To the extent
earnings in an ABLE savings account and distributions from an
ABLE savings account are not subject to federal income tax, they
will not be subject to state income tax. /
Renumber sections to conform.
Amend title to conform.