05/10/2022 09:00 AM Senate LABOR & COMMERCE

           HB 133-AK ED SAVINGS PROGRAMS/ELIGIBILITY                                                                        
                                                                                                                                
5:33:55 PM                                                                                                                    
CHAIR COSTELLO announced  the consideration of CS  FOR HOUSE BILL                                                               
NO. 133(L&C) "An  Act relating to the Alaska  savings program for                                                               
eligible  individuals; relating  to  education savings  programs;                                                               
relating  to  the Education  Trust  of  Alaska; relating  to  the                                                               
Alaska  advance college  tuition  savings fund;  relating to  the                                                               
Alaska education  savings program  for children; and  relating to                                                               
the Governor's Council on Disabilities and Special Education."                                                                  
                                                                                                                                
CHAIR COSTELLO noted that this was the second hearing.                                                                          
                                                                                                                                
5:34:18 PM                                                                                                                    
REPRESENTATIVE  ZACK FIELDS,  Alaska  State Legislature,  Juneau,                                                               
Alaska, sponsor of  HB 133, introduced himself  and his daughter,                                                               
Zara.                                                                                                                           
                                                                                                                                
REPRESENTATIVE FIELDS  explained that HB 133  provides updates to                                                               
the ABLE  Act to conform  to federal changes that  strengthen the                                                               
program  significantly. HB  133 provides  greater flexibility  to                                                               
roll higher education accounts into  ABLE accounts; increases the                                                               
age  of eligibility  to  open  an ABLE  account;  and tracks  the                                                               
federal law for the age of  onset of a disability. He highlighted                                                               
that  since the  legislature passed  the initial  ABLE Act,  more                                                               
than  750  families   have  opened  accounts.  This   is  a  very                                                               
successful  program  that  is  most   helpful  to  families  with                                                               
dependents who are living with disabilities.                                                                                    
                                                                                                                                
5:35:55 PM                                                                                                                    
SENATOR REVAK moved  to report the committee  substitute (CS) for                                                               
HB 133,  work order 32-LS0450\I,  from committee  with individual                                                               
recommendations and attached fiscal note(s).                                                                                    
                                                                                                                                
CHAIR  COSTELLO  found  no  objection,   and  CSHB  133(L&C)  was                                                               
reported from the Senate Labor and Commerce Standing Committee.