Ark. Code Ann. § 20-3-108
This is the official text of Ark. Code Ann. § 20-3-108, part of Arkansas’s Code Ann — part of the compiled statutory law of Arkansas, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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ABLE accounts
Official statutory text
(a) (1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account owner and the designated beneficiary. (2) If the contributor is not the ABLE account owner, the ABLE account owner shall also sign the application form. (3) Any person may make contributions to an ABLE account after the ABLE account is opened. (b) Contributions to an ABLE account shall be made only in cash. (c) (1) Total contributions to all ABLE accounts shall not exceed those reasonably necessary to provide for the qualified disability expenses of the beneficiary. (2) The committee shall establish maximum contribution limits applicable to program ABLE accounts in accordance with the program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295. (d) (1) Separate records and accounting shall be required by the program for each ABLE account. (2) Reports shall be made no less frequently than annually to the ABLE account owner. (e) (1) The program may collect application, ABLE account, or administrative fees to defray the costs of the program. (2) The application, ABLE account, or administrative fees shall be approved by the committee. Added by Act 2015, No. 1238,§ 1, eff. 7/22/2015.
(a) (1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account owner and the designated beneficiary. (2) If the contributor is not the ABLE account owner, the ABLE account owner shall also sign the application form. (3) Any person may make contributions to an ABLE account after the ABLE account is opened.
(1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account owner and the designated beneficiary.
(2) If the contributor is not the ABLE account owner, the ABLE account owner shall also sign the application form.
(3) Any person may make contributions to an ABLE account after the ABLE account is opened.
(b) Contributions to an ABLE account shall be made only in cash.
(c) (1) Total contributions to all ABLE accounts shall not exceed those reasonably necessary to provide for the qualified disability expenses of the beneficiary. (2) The committee shall establish maximum contribution limits applicable to program ABLE accounts in accordance with the program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(1) Total contributions to all ABLE accounts shall not exceed those reasonably necessary to provide for the qualified disability expenses of the beneficiary.
(2) The committee shall establish maximum contribution limits applicable to program ABLE accounts in accordance with the program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(d) (1) Separate records and accounting shall be required by the program for each ABLE account. (2) Reports shall be made no less frequently than annually to the ABLE account owner.
(1) Separate records and accounting shall be required by the program for each ABLE account.
(2) Reports shall be made no less frequently than annually to the ABLE account owner.
ion Act of 2014, Pub. L. No. 113-295.
(d) (1) Separate records and accounting shall be required by the program for each ABLE account. (2) Reports shall be made no less frequently than annually to the ABLE account owner.
(1) Separate records and accounting shall be required by the program for each ABLE account.
(2) Reports shall be made no less frequently than annually to the ABLE account owner.
(e) (1) The program may collect application, ABLE account, or administrative fees to defray the costs of the program. (2) The application, ABLE account, or administrative fees shall be approved by the committee.
(1) The program may collect application, ABLE account, or administrative fees to defray the costs of the program.
(2) The application, ABLE account, or administrative fees shall be approved by the committee.
Added by Act 2015, No. 1238,§ 1, eff. 7/22/2015.
(a) (1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account owner and the designated beneficiary. (2) If the contributor is not the ABLE account owner, the ABLE account owner shall also sign the application form. (3) Any person may make contributions to an ABLE account after the ABLE account is opened.
(1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account owner and the designated beneficiary.
(2) If the contributor is not the ABLE account owner, the ABLE account owner shall also sign the application form.
(3) Any person may make contributions to an ABLE account after the ABLE account is opened.
(b) Contributions to an ABLE account shall be made only in cash.
(c) (1) Total contributions to all ABLE accounts shall not exceed those reasonably necessary to provide for the qualified disability expenses of the beneficiary. (2) The committee shall establish maximum contribution limits applicable to program ABLE accounts in accordance with the program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(1) Total contributions to all ABLE accounts shall not exceed those reasonably necessary to provide for the qualified disability expenses of the beneficiary.
(2) The committee shall establish maximum contribution limits applicable to program ABLE accounts in accordance with the program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(d) (1) Separate records and accounting shall be required by the program for each ABLE account. (2) Reports shall be made no less frequently than annually to the ABLE account owner.
(1) Separate records and accounting shall be required by the program for each ABLE account.
(2) Reports shall be made no less frequently than annually to the ABLE account owner.
ion Act of 2014, Pub. L. No. 113-295.
(d) (1) Separate records and accounting shall be required by the program for each ABLE account. (2) Reports shall be made no less frequently than annually to the ABLE account owner.
(1) Separate records and accounting shall be required by the program for each ABLE account.
(2) Reports shall be made no less frequently than annually to the ABLE account owner.
(e) (1) The program may collect application, ABLE account, or administrative fees to defray the costs of the program. (2) The application, ABLE account, or administrative fees shall be approved by the committee.
(1) The program may collect application, ABLE account, or administrative fees to defray the costs of the program.
(2) The application, ABLE account, or administrative fees shall be approved by the committee.
Added by Act 2015, No. 1238,§ 1, eff. 7/22/2015.
Status: in_force
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