Arizona Laws 46-901. Definitions
In this article, unless the context otherwise requires:
Terms Used In Arizona Laws 46-901
- ABLE: means the achieving a better life experience act. See Arizona Laws 46-901
- Account: means an individual account in the fund established as prescribed in this article for a single designated beneficiary. See Arizona Laws 46-901
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Committee: means the achieving a better life experience act oversight committee. See Arizona Laws 46-901
- Department: means the department of economic security. See Arizona Laws 46-901
- Designated beneficiary: means the eligible individual who establishes an account and who is the owner of the account. See Arizona Laws 46-901
- Eligible individual: means an individual who is entitled to benefits based on blindness or disability under title II or XVI of the social security act, and such blindness or disability occurred before the date on which the individual attained twenty-six years of age or a disability certification with respect to such individual is filed with the United States secretary of the treasury for such taxable year as stipulated in 26 United States Code § 529A. See Arizona Laws 46-901
- Fund: means the ABLE program fund. See Arizona Laws 46-901
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Oversight: Committee review of the activities of a Federal agency or program.
- Program: means the qualified ABLE program that is established under this article and as defined in 26 United States Code § 529A. See Arizona Laws 46-901
- Services: includes social casework, rehabilitation counseling and similar services rendered to a person or persons in need as provided for in this title. See Arizona Laws 46-101
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. "ABLE" means the achieving a better life experience act.
2. "Account" means an individual account in the fund established as prescribed in this article for a single designated beneficiary.
3. "Committee" means the achieving a better life experience act oversight committee.
4. "Department" means the department of economic security.
5. "Designated beneficiary" means the eligible individual who establishes an account and who is the owner of the account.
6. "Eligible individual" means an individual who is entitled to benefits based on blindness or disability under title II or XVI of the social security act, and such blindness or disability occurred before the date on which the individual attained twenty-six years of age or a disability certification with respect to such individual is filed with the United States secretary of the treasury for such taxable year as stipulated in 26 United States Code § 529A.
7. "Financial institution" means any bank, commercial bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm or other similar entity that is authorized to do business in this state.
8. "Fund" means the ABLE program fund.
9. "Program" means the qualified ABLE program that is established under this article and as defined in 26 United States Code § 529A.
10. "Qualified disability expenses" means any expenses that are related to the eligible individual’s blindness or disability and that are for the benefit of an eligible individual who is the designated beneficiary of an account, including education, housing, transportation, employment training and support, assistive technology and personal support services, health care, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring and funeral and burial expenses and any other expenses that are approved by the United States secretary of the treasury as required by 26 United States code section 529A.