§ 20-3-106 — Rules

Rules adopted under this chapter shall ensure that: (1) (A) A rollover from an ABLE account does not apply to an amount paid or distributed from the ABLE account to the extent that, not later than the sixtieth day after the date of the payment or distribution, the amount received is paid into another ABLE account for the benefit of the same designated beneficiary or an eligible individual who is a member of the family of the designated beneficiary; and (B) The limitation under subdivision (1)(A) of this section does not apply to a transfer if the transfer occurs within twelve (12) months after the date of a previous transfer under this chapter for the benefit of the designated beneficiary; (2) A person may make contributions for a taxable year for the benefit of an individual who is an eligible individual for the taxable year to an ABLE account that is established to meet the qualified disability expenses of the designated beneficiary of the ABLE account; (3) A designated beneficiary is limited to one (1) ABLE account; (4) An ABLE account may be established only for a designated beneficiary who is a resident of Arkansas or a resident of a contracting state; and (5) Other requirements of this chapter shall be met.

Legislative History

Added by Act 2015, No. 1238,§ 1, eff. 7/22/2015.