Amendment SSA1-AB731

AB731-SSA1,1t Section 1t. 20.505 (1) (am) of the statutes is created to read:

AB731-SSA1,8,11 20.505 (1) (am) Administrative expenses; ABLE savings program. The amounts in the schedule for the administrative expenses of the ABLE savings program under s. 16.643, including the expense of promoting the program.

AB731-SSA1,1u Section 1u. 20.505 (1) (tr) of the statutes is created to read:

AB731-SSA1,8,15 20.505 (1) (tr) Payment of qualified disability expenses; ABLE savings program trust fund. From the ABLE savings program trust fund, a sum sufficient for the payment of qualified disability expenses under s. 16.643 (4).

AB731-SSA1,1v Section 1v. 20.505 (1) (tt) of the statutes is created to read:

AB731-SSA1,9,4 20.505 (1) (tt) Administrative expenses; ABLE savings program. From the ABLE savings program trust fund, the amounts in the schedule for the administrative expenses of the ABLE savings program under s. 16.643, including the expense of promoting the program.

AB731-SSA1,1w Section 1w. 25.14 (1) (a) 20. of the statutes is created to read:

AB731-SSA1,9,6 25.14 (1) (a) 20. The ABLE savings program trust fund.

AB731-SSA1,1x Section 1x. 25.17 (1) (ab) of the statutes is created to read:

AB731-SSA1,9,9 25.17 (1) (ab) ABLE savings program trust fund (s. 25.86), but subject to sub. (2) (fm).

AB731-SSA1,1y Section 1y. 25.17 (2) (fm) of the statutes is created to read:

AB731-SSA1,9,17 25.17 (2) (fm) Invest the moneys belonging to the ABLE savings program trust fund in a manner consistent with the guidelines established under s. 16.643 (2m) (b), unless the moneys are under the management and control of a vendor selected under s. 16.257. In making investments under this paragraph, the investment board shall accept any reasonable terms and conditions that the ABLE savings program board specifies and is relieved of any obligations relevant to prudent investment of the fund, including the standard of responsibility under s. 25.15 (2).

AB731-SSA1,1z Section 1z. 25.86 of the statutes is created to read:

AB731-SSA1,9,23 25.86 ABLE savings program trust fund. There is established a separate nonlapsible trust fund designated as the ABLE savings program trust fund, consisting of all revenue from enrollment fees for and contributions to accounts established under s. 16.643 and from distributions and fees paid by the vendor under s. 16.257 (3).

AB731-SSA1,2 Section 2. 71.05 (6) (a) 27. of the statutes, as created by 2015 Wisconsin Act 55, is amended to read:

AB731-SSA1,10,9 71.05 (6) (a) 27. Except as provided in subd. 28., to the extent that an amount is not included in federal adjusted gross income, any accumulated interest, dividends, or other gain that accrues is withdrawn from an account described under s. 16.643 or any amount withdrawn from a qualified ABLE program described under section 529A (b) (1) of the Internal Revenue Code, during the taxable year in which a withdrawal occurs from such an account if any amount of the money or other assets in the account is withdrawn by, or at the direction of, an account owner for any reason other than the payment of qualified disability expenses, as defined in s. 16.643 (1) (e) section 529A (e) (5) of the Internal Revenue Code, for the account beneficiary.

AB731-SSA1,3 Section 3. 71.05 (6) (a) 28. of the statutes, as created by 2015 Wisconsin Act 55, is amended to read:

AB731-SSA1,10,15 71.05 (6) (a) 28. Upon the termination of an account as described under s. 16.643 (3) (d), or an account that is part of a qualified ABLE program under section 529A of the Internal Revenue Code, any amount in the account that is returned to an account owner, or an account owner's estate.

AB731-SSA1,4 Section 4. 71.05 (6) (b) 52. of the statutes, as created by 2015 Wisconsin Act 55, is amended to read:

AB731-SSA1,10,25 71.05 (6) (b) 52. Subject to the limits under s. 16.643 (3) (c) 1. and 2. or section 529A (b) (2) of the Internal Revenue Code, any amount that is deposited by an account owner or any other person for the taxable year in which the contribution is made into an ABLE account described under s. 16.643 or section 529A (b) (1) of the Internal Revenue Code, and any interest, dividends, or other gain that accrues in the account if the interest, dividends, or other gain is redeposited into the account. The subtraction under this subdivision does not apply to rollover contributions or transfers.

AB731-SSA1,5 Section 5. 71.07 (5) (a) 9. of the statutes, as created by 2015 Wisconsin Act 55, is amended to read:

AB731-SSA1,11,7 71.07 (5) (a) 9. The amount claimed as a deduction for unreimbursed medical expenses under section 213 (a) of the Internal Revenue Code to the extent that the funds used to pay for the unreimbursed expenses for which the deduction was claimed were withdrawn from an ABLE account described under s. 16.643 or section 529A (b) (1) of the Internal Revenue Code.

AB731-SSA1,5e Section 5e. 71.98 (7) of the statutes is created to read:

AB731-SSA1,11,11 71.98 (7) ABLE accounts. For taxable years beginning after December 31, 2015, section 303 of Division Q of P.L. 114-113, related to state of residence changes that relate to qualified ABLE accounts.

AB731-SSA1,5m Section 5m. Nonstatutory provisions.

AB731-SSA1,11,18 (1) ABLE savings program board; initial terms. Notwithstanding section 15.105 (25p) (d) of the statutes, as created by this act, of the initial members appointed to the ABLE savings program board under section 15.105 (25p) (d) of the statutes, as created by this act, the term of one of those members expires on July 1, 2019, the term of one of those members expires on July 1, 2018, and the term of one of those members expires on July 1, 2017.

AB731-SSA1,11,23 (2) ABLE savings program board; position authorizations. The authorized FTE positions for the department of administration are increased by 2.0 GPR positions on July 1, 2016, to be funded from the appropriation under section 20.505 (1) (am) of the statutes, as created by this act, for the purpose of administering the ABLE savings program.

AB731-SSA1,6 Section 6. Initial applicability.

AB731-SSA1,12,6 (1) The treatment of sections 71.05 (6) (a) 27. and 28. and (b) 52. and 71.07 (5) (a) 9. of the statutes first applies to taxable years beginning on January 1 of the year in which this subsection takes effect, except that if this subsection takes effect after July 31, the treatment of sections 71.05 (6) (a) 27. and 28. and (b) 52. and 71.07 (5) (a) 9. of the statutes first applies to taxable years beginning on January 1 of the year following the year in which this subsection takes effect.

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