Louisiana Revised Statutes 17:3083 – ABLE account program; creation; purpose; legislative intent
Terms Used In Louisiana Revised Statutes 17:3083
- ABLE account: means a special savings account for financing of certain qualified expenses of persons with disabilities as specifically provided for in this Chapter that conforms with all applicable standards and requirements set forth for ABLE accounts in the ABLE Act. See Louisiana Revised Statutes 17:3082
- ABLE Act: means the Stephen Beck, Jr. See Louisiana Revised Statutes 17:3082
- Advisory Council: means the ABLE Account Advisory Council. See Louisiana Revised Statutes 17:3082
- Authority: means the Louisiana Tuition Trust Authority. See Louisiana Revised Statutes 17:3082
- 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
A. The ABLE account program is hereby created and shall be administered by the authority to encourage and assist individuals and families in saving private funds for the purpose of supporting persons with disabilities in endeavors to maintain health, independence, and quality of life. The authority shall administer the program in consultation with the advisory council.
B. The purposes of the program include all of the following:
(1) To pay qualified disability expenses so that persons with disabilities may maintain health, independence, and quality of life.
(2) To provide secure funding for disability-related expenses on behalf of designated beneficiaries that will supplement, but not supplant, benefits provided through private insurance, the medical assistance program administered by this state in accordance with Title XIX of the Social Security Act, the supplemental security income program under Title XVI of such Act, the beneficiary‘s employment, and other sources.
(3) To comply fully with all provisions of the ABLE Act and all regulations issued pursuant thereto.
C.(1) It is the intention of the legislature that the program shall be a qualified ABLE program as defined in Section 529A of the federal Internal Revenue Code, as amended. Any provision of this Chapter determined to be in conflict with any requirement of the Internal Revenue Code as applicable to a qualified ABLE program shall be superseded by such code provision to the extent necessary to assure that the program continues to meet requirements for tax-advantaged status in accordance with the code’s definition of a qualified ABLE program.
(2) Any requirement of this Chapter determined to be more restrictive than the requirements of the federal Internal Revenue Code as applicable to a qualified ABLE program may be modified by the authority through rules promulgated in accordance with the Administrative Procedure Act to conform with code requirements.
Acts 2016, No. 604, §1.