MCL - Act 160 of 2015
AN ACT to create the Michigan achieving a better life experience (ABLE) program; to provide for ABLE accounts; to prescribe the powers and duties of certain state agencies, boards, and departments; to allow certain tax credits or deductions; and to provide for penalties and remedies.
History: 2015, Act 160, Eff. Jan. 26, 2016
| Document | Type | Description |
|---|---|---|
| Section 206.981 | Section | Short title. |
| Section 206.982 | Section | Definitions. |
| Section 206.983 | Section | Michigan ABLE savings program; establishment; program manager; purposes, powers, and duties of state treasurer or designee; selection of program managers; proposals; factors; duties of treasurer and program manager; contract. |
| Section 206.984 | Section | Management contract; supervision. |
| Section 206.985 | Section | Management contract; term of years; termination. |
| Section 206.986 | Section | Contracts as necessary and proper. |
| Section 206.987 | Section | ABLE savings accounts; establishment; opening of account by individual or designated representative; agreement; form; contents; contributions; exemption from creditor process; distributions; separate accounting. |
| Section 206.988 | Section | Changes in account owners or designated beneficiaries; transfers. |
| Section 206.989 | Section | Directing investment of contributions in violation of internal revenue code; prohibition; administrative services; use of interest as loan security. |
| Section 206.990 | Section | Maximum account balance limit. |
| Section 206.991 | Section | Submission of certain information to internal revenue service, department, and account owner. |
| Section 206.992 | Section | Disclosure of information to account owner and other person requesting information. |
| Section 206.993 | Section | Construction and interpretation of act and agreement. |
| Section 206.994 | Section | State obligation. |
| Section 206.995 | Section | Annual report. |
| Section 206.996 | Section | Tax exemption. |
| Section 206.997 | Section | Consideration of financial circumstances for purpose of assistance program; effect of ABLE savings account. |