Minnesota § 256Q.04 ABLE PLAN REQUIREMENTS

Minnesota Statutes

§ 256Q.04 — ABLE PLAN REQUIREMENTS

Minnesota § 256Q.04

PartPUBLIC WELFARE AND RELATED ACTIVITIES

Ch. 256QMINNESOTA ABLE PLAN

This text of Minnesota § 256Q.04 (ABLE PLAN REQUIREMENTS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 256Q.04 (2026).

Text

Subdivision 1.State residency requirement.
The designated beneficiary of an ABLE account must be a resident of Minnesota, or the resident of a state that has entered into a contract with Minnesota to provide its residents access to the Minnesota ABLE plan.

Subd. 2.Single account requirement.
No more than one ABLE account shall be established per beneficiary, except as permitted under section 529A(c)(4) of the Internal Revenue Code.

Subd. 3.Accounts-type plan.
The plan must be operated as an accounts-type plan. A separate account must be maintained for each designated beneficiary for whom contributions are made.

Subd. 4.Contribution and account requirements.
Contributions to an ABLE account are subject to the requirements of section 529A(b)(2) of the Internal Revenue Code prohibiting no

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Subdivision 1.State residency requirement.
The designated beneficiary of an ABLE account must be a resident of Minnesota, or the resident of a state that has entered into a contract with Minnesota to provide its residents access to the Minnesota ABLE plan.

Subd. 2.Single account requirement.
No more than one ABLE account shall be established per beneficiary, except as permitted under section 529A(c)(4) of the Internal Revenue Code.

Subd. 3.Accounts-type plan.
The plan must be operated as an accounts-type plan. A separate account must be maintained for each designated beneficiary for whom contributions are made.

Subd. 4.Contribution and account requirements.
Contributions to an ABLE account are subject to the requirements of section 529A(b)(2) of the Internal Revenue Code prohibiting noncash contributions and contributions in excess of the annual contribution limit. The total account balance may not exceed the maximum account balance limit imposed under section136G.09, subdivision 8.

Subd. 5.Limited investment direction.
Designated beneficiaries may not direct the investment of assets in their accounts more than twice in any calendar year.

Subd. 6.Security for loans.
An interest in an account must not be used as security for a loan.