Bill Text: TX HB2947 | 2019-2020 | 86th Legislature | Introduced

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Bill Title: Relating to eligible participants in the Texas Achieving a Better Life Experience (ABLE) Program.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-03-12 - Referred to Pensions, Investments & Financial Services [HB2947 Detail]

Download: Texas-2019-HB2947-Introduced.html

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By: Klick H.B. No. 2947

A BILL TO BE ENTITLED
AN ACT
relating to eligible participants in the Texas Achieving a Better
Life Experience (ABLE) Program.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 54.910(b), Education Code, is amended to
read as follows:
(b) If the designated beneficiary is not able to exercise
signature authority over an account or chooses to establish an
account but not exercise signature authority [of the account is a
minor or has a custodian or other fiduciary appointed for the
purpose of managing the minor's financial affairs], the parent,
l
egal guardian, [or custodian] or other fiduciary of the
beneficiary may serve as the participant if [that form of ownership
is] permitted [or not prohibited] by Section 529A, Internal Revenue
Code.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2019.