§ 42-7.2-20.3. Creation of program.
(a) There shall be established within the executive office and administered, in conjunction
with, the SIC, the achieving a better life experience program for the purposes of
administering ABLE accounts established to encourage and assist individuals and families
in saving private funds for the purpose of supporting individuals with disabilities.
Under the program, one or more persons may make contributions to an ABLE account to
meet the qualified disability expenses of the designated beneficiary of the account.
(b) Unless otherwise permitted under 26 U.S.C. § 529A, the o
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§ 42-7.2-20.3. Creation of program.
(a) There shall be established within the executive office and administered, in conjunction
with, the SIC, the achieving a better life experience program for the purposes of
administering ABLE accounts established to encourage and assist individuals and families
in saving private funds for the purpose of supporting individuals with disabilities.
Under the program, one or more persons may make contributions to an ABLE account to
meet the qualified disability expenses of the designated beneficiary of the account.
(b) Unless otherwise permitted under 26 U.S.C. § 529A, the owner of an ABLE account shall be the designated beneficiary of the account.
(c) A designated beneficiary may have only one account.
(d) Unless otherwise permitted under 26 U.S.C. § 529A, the designated beneficiary of an ABLE account shall be a resident of this state
or of a contracting state. The executive office shall determine residency for such
purpose in such manner as may be required or permissible under 26 U.S.C. § 529A or, in the absence of any guidance under 26 U.S.C. § 529A, by such other means as the executive office shall consider advisable for purposes
of satisfying the requirements of 26 U.S.C. § 529A.
(e) Any person may make contributions to an ABLE account to meet the qualified disability
expenses of the designated beneficiary of the account; provided that the account and
contributions meet the other requirements of this section and regulations promulgated
by the executive office.
(f) The executive office, in conjunction with the SIC, and, to the extent required by
the terms of such designation, any designated administrator shall operate the program
so that it shall constitute a qualified ABLE program in compliance with the requirements
of 26 U.S.C. § 529A.
(g) The SIC and any designated administrator shall provide investment options for the
investment of amounts contributed to an ABLE account.