CHAPTER 15. Qualified ABLE Program

Chapter 15 added by Stats. 2015, Ch. 796, Sec. 2.

§§ 4875–4885 · 11 sections

• § 4875 For purposes of this chapter: (a) “ABLE account” or “account” means the account established for and owned by a designated beneficiary pursuant to this chapter…
• § 4876 There is hereby created the California ABLE Act Board that consists of the Treasurer, the Director of Finance, the Controller, the Director of Developmental…
• § 4877 (a) There is hereby created an instrumentality of the State of California to be known as the California ABLE Program Trust. (b) The purposes, powers, and…
• § 4878 (a) The board shall segregate moneys received by the ABLE program trust into two funds, which shall be identified as the program fund and the administrative…
• § 4879 (a) Under the program, a person may make contributions for a taxable year, for the benefit of an individual who is an eligible individual for that taxable…
• § 4880 (a) Notwithstanding any other law, moneys in, contributions to, and any distribution for qualified disability expenses from, an ABLE account, not to exceed one…
• § 4881 (a) The board shall provide an annual listing of distributions to individuals with respect to an interest in an ABLE account to the Franchise Tax Board at a…
• § 4882 (a) The board shall adopt regulations as it deems necessary to implement this chapter consistent with the federal Internal Revenue Code and regulations issued…
• § 4883 This act shall be construed liberally in order to effectuate its legislative intent. The purposes of this act and all of its provisions with respect to powers…
• § 4884 The board shall market this program to residents of the United States to the extent funds are available to do so.
• § 4885 (a) Notwithstanding any other state law, and only to the extent permitted under federal law, the program may permit a change in the designated beneficiary of…