(a) In this subtitle the following words have the meanings indicated. (b) “ABLE account” means an account described under § 529A(e) of the Internal Revenue Code. (c) “ABLE account contributor” means an individual who contributes money to an ABLE account described under § 529A(e) of the Internal Revenue Code. (d) “ABLE account holder” means an individual who has established […]
(a) (1) The Board shall establish a Maryland ABLE Program that shall be subject to the provisions of § 529A of the Internal Revenue Code. (2) It is the goal of the State that the Maryland ABLE Program be fully operational by October 1, 2017. (b) The purpose of the Maryland ABLE Program is to: (1) Encourage and assist individuals […]
(a) (1) The Board may issue requests for proposals to evaluate and determine the means for the administration, management, promotion, or marketing of the Maryland ABLE Program. (2) The Board shall consider proposals that meet the following criteria: (i) Ability to develop and administer an investment program of a nature similar to the objectives of the Maryland ABLE Program; […]
(a) An eligible individual, as defined in § 529A(e) of the Internal Revenue Code, may participate in and benefit from the Maryland ABLE Program. (b) Distributions shall be requested by the designated beneficiary subject to the provisions of § 529A of the Internal Revenue Code.
(a) (1) The debts, contracts, and obligations of the Maryland ABLE Program are not the contracts, debts, or obligations of the State, and neither the faith and credit nor taxing power of the State is pledged directly or indirectly or contingently, morally or otherwise, to the payment of the debts, contracts, and obligations. (2) The Board may not […]
(a) The Board, the Maryland ABLE Program, and the ABLE accounts issued under this subtitle are not subject to the provisions of the Insurance Article. (b) The assets and income of the Maryland ABLE Program are exempt from State and local taxation.
(a) In this section, “person” does not include the State. (b) A person may not attach, execute, garnish, or otherwise seize any current or future benefit under an ABLE account or any asset of the Maryland ABLE Program.
(a) The Legislative Auditor shall audit the Maryland ABLE Program as provided under Title 2, Subtitle 12 of the State Government Article. (b) The Board shall obtain an annual audit report from a service provider within 6 months of the end of the reporting period of the service provider.
(a) The Board shall issue refunds as specified in this section. (b) If the contribution of an ABLE account contributor under the Maryland ABLE Program would result in aggregate contributions from all contributors to the ABLE account for the taxable year exceeding the amount specified in § 529A(b)(2) of the Internal Revenue Code for each calendar year […]
(a) Unless prohibited by federal law, on the death of a designated beneficiary, money and assets in an ABLE account may be transferred to: (1) The estate of the designated beneficiary; or (2) An ABLE account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary. (b) Unless required by federal law, an […]
