Section 42-7.2-20.1 ABLE accounts. [Contingent effective date; see note.]

RI Gen L § 42-7.2-20.1 (2019) (N/A)

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§ 42-7.2-20.1. ABLE accounts. [Contingent effective date; see note.] (a) Legislative findings. The general assembly finds and declares the following:

(1) Blind and disabled persons of this state need not only state financial assistance, but also private financial assistance in achieving a better life experience.

(2) A federal program exists that allows disabled individuals to make contributions and receive contributions from contributors that may be deposited in an account for their care which amount can grow free of any income tax consequences so long as the contributions are used for qualifying disability expenses pursuant to 26 U.S.C. § 529A.

(3) These accounts may be utilized by disabled individuals for disbursements relating to education, housing, transportation, employment training and support, assistive technology and personal support services, health prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring, funeral and burial expenses, and other expenses approved under regulations promulgated by the Secretary of the Treasury.

(4) This federal program is found to be a financial option worthy of consideration by persons of this state with disabilities.

History of Section. (P.L. 2015, ch. 158, § 1; P.L. 2015, ch. 187, § 1.)

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Section 42-7.2-20.2 Definitions. [Contingent effective date; see note.]