§ 8002. Definitions

In this chapter:

(1) "ABLE account" means an account established by an eligible individual, owned by the eligible individual, and maintained under the Vermont ABLE Savings Program.

(2) "Designated beneficiary" means the eligible individual who establishes an ABLE account under this chapter and is the owner of the account.

(3) "Disability certification" means a certification to the satisfaction of the Secretary by the individual or the parent or guardian of the individual that:

(A) certifies that:

(i) the individual has a medically determinable physical or mental impairment, which results in marked and severe functional limitations, and which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, or the individual is blind within the meaning of Section 1614(a)(2) of the Social Security Act; and

(ii) such blindness or disability occurred before the individual attained 26 years of age; and

(B) includes a copy of the individual's diagnosis relating to the individual's relevant impairment or impairments, signed by a physician meeting the criteria of Section 1861(r)(1) of the Social Security Act.

(4) "Eligible individual" means:

(A) a person who during a taxable year 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 26 years of age; or

(B) a person for whom a disability certification is filed with the Secretary for the taxable year.

(5) "Financial organization" means an organization authorized to do business in this State and that is:

(A) licensed or chartered by the Department of Financial Regulation;

(B) chartered by an agency of the federal government; or

(C) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission.

(6) "Member of family" means a brother, sister, stepbrother, or stepsister of a designated beneficiary.

(7) "Qualified disability expense" means an expense related to the eligible individual's blindness or disability which is made for the benefit of an eligible individual who is the designated beneficiary, including the following expenses: 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, which are approved by the Secretary under regulations and consistent with the purposes of this section.

(8) "Secretary" means the Secretary of the U.S. Department of the Treasury. (Added 2015, No. 51, § C.7, eff. June 3, 2015.)