§ 30-9-4. Georgia Able Program Corporation Created; Board of Directors and Its Membership; Powers, Duties, and Administration
There is created the Georgia ABLE Program Corporation, as a body corporate and politic and an instrumentality of the state, for purposes of establishing and administering the Georgia ABLE Program. The corporation shall be governed by a board of directors consisting of the commissioner of behavioral health and developmental disabilities; the commissioner of community health; […]
§ 30-9-5. Georgia Able Program Established for Participants to Make Contributions to Accounts for Purpose of Meeting Qualified Disability Expenses of Designated Beneficiary
The board shall be authorized to establish a Georgia ABLE Program under which a person may make contributions for a taxable year, for the benefit of an eligible individual, to an ABLE account established for the purpose of meeting the qualified disability expenses of the designated beneficiary of the ABLE account. Any such program shall […]
§ 30-9-6. Duties of Board With Respect to Operating a Georgia Able Program
If the board establishes a Georgia ABLE Program pursuant to Code Section 30-9-5, the board shall: Establish, implement, and maintain the program as a qualified ABLE program under Section 529A of the Internal Revenue Code; Provide for the marketing of the program and develop and provide information to eligible individuals and their families necessary to […]
§ 30-9-7. Terms and Conditions of Participation Agreements
Each participation agreement entered into pursuant to this chapter shall include the following terms and conditions: The participation agreement shall not constitute a debt or obligation of the state; Participation in the Georgia ABLE Program does not guarantee that sufficient funds will be available to cover all qualified disability expenses for any designated beneficiary and […]
§ 30-9-8. Able Program Trust Fund Created; Administration of Funds
The board shall be authorized to create the Georgia ABLE Program Trust Fund. The trust fund shall be administered by the state treasurer. The state treasurer shall credit to the trust fund all amounts transferred to such fund. The trust fund shall consist of money remitted in accordance with participation agreements and shall receive and […]
§ 30-9-9. Taxation by State Pursuant to Code Section 48-7-27; Exempt From Taxation by Political Subdivisions
The trust fund and ABLE account property and income shall be subject to taxation by the state only as provided by paragraph (10.1) of subsection (b) of Code Section 48-7-27 and shall not be subject to taxation by any of the state’s political subdivisions. History. Code 1981, § 30-9-9 , enacted by Ga. L. 2016, […]
§ 30-9-10. Comprehensive Investment Plan
The board shall have authority to establish a comprehensive investment plan for the purposes of this chapter and to invest any funds of the trust fund through the state treasurer. The state treasurer shall invest the trust fund moneys pursuant to an investment policy adopted by the board. Notwithstanding any state law to the contrary, […]
§ 30-9-11. Amounts in Able Account Not Considered in Determining Eligibility for Certain Public Assistance
Notwithstanding any other provision of state or local law or regulation that requires consideration of the financial circumstances of an applicant for local, state, or federal public assistance or a benefit provided under that law, the agency or entity making the determination of eligibility for such assistance or benefit may not consider the amount in […]
§ 30-9-12. Annual Reports
If the board creates the Georgia ABLE Program Trust Fund pursuant to Code Section 30-9-8, the board shall prepare or cause to be prepared an annual report setting forth in appropriate detail an accounting of the Georgia Able Trust Fund at the close of each fiscal year. Such report shall be submitted to the Governor, […]
§ 30-9-13. Provision of Public Information and Outreach
The Department of Community Health, the Department of Behavioral Health and Developmental Disabilities, the Department of Human Services, the Georgia Vocational Rehabilitation Agency, and the Department of Education shall assist, cooperate, and coordinate with the corporation in the provision of public information and outreach for a board approved Qualified ABLE Program. History. Code 1981, § […]