Section 206.989 – Directing Investment of Contributions in Violation of Internal Revenue Code; Prohibition; Administrative Services; Use of Interest as Loan Security.
206.989 Directing investment of contributions in violation of internal revenue code; prohibition; administrative services; use of interest as loan security. Sec. 9. (1) An account owner shall not, directly or indirectly, direct the investment of any contributions to an account or the earnings on an account in violation of section 529A of the internal revenue […]
Section 206.990 – Maximum Account Balance Limit.
206.990 Maximum account balance limit. Sec. 10. (1) The maximum account balance limit for an ABLE account shall not exceed the maximum amount allowed for an education savings account pursuant to section 10 of the Michigan education savings program act, 2000 PA 161, MCL 390.1480. (2) The program manager shall notify an account owner if […]
Section 206.991 – Submission of Certain Information to Internal Revenue Service, Department, and Account Owner.
206.991 Submission of certain information to internal revenue service, department, and account owner. Sec. 11. (1) In accordance with section 529A(d) of the internal revenue code, each program manager shall submit both of the following to the internal revenue service and the department: (a) A notice upon the establishment of each ABLE savings account. The […]
Section 206.992 – Disclosure of Information to Account Owner and Other Person Requesting Information.
206.992 Disclosure of information to account owner and other person requesting information. Sec. 12. Each program manager shall disclose the following information in writing to each account owner of an ABLE savings account and any other person who requests information about an ABLE savings account: (a) The terms and conditions for establishing an ABLE savings […]
Section 206.993 – Construction and Interpretation of Act and Agreement.
206.993 Construction and interpretation of act and agreement. Sec. 13. This act and any agreement under this act shall not be construed or interpreted to do any of the following: (a) Give any designated beneficiary any rights or legal interest with respect to an account unless the designated beneficiary is the account owner. (b) Give […]
Section 206.994 – State Obligation.
206.994 State obligation. Sec. 14. (1) This act does not create and shall not be construed to create any obligation upon this state or any agency or instrumentality of this state to guarantee for the benefit of an account owner or designated beneficiary any of the following: (a) The rate of interest or other return […]
Section 206.995 – Annual Report.
206.995 Annual report. Sec. 15. Each program manager shall file an annual report with the treasurer that includes all of the following: (a) The names and identification numbers of account owners and designated beneficiaries. The information reported pursuant to this subdivision is not subject to the freedom of information act, 1976 PA 442, MCL 15.231 […]
Section 206.996 – Tax Exemption.
206.996 Tax exemption. Sec. 16. (1) Contributions to and interest earned on an ABLE savings account are exempt from taxation as provided in section 30 of the income tax act of 1967, 1967 PA 281, MCL 206.30. (2) Withdrawals made from ABLE savings accounts are taxable as provided in section 30 of the income tax […]
Section 206.997 – Consideration of Financial Circumstances for Purpose of Assistance Program; Effect of Able Savings Account.
206.997 Consideration of financial circumstances for purpose of assistance program; effect of ABLE savings account. Sec. 17. (1) Notwithstanding any other provision of law regarding an assistance program offered by this state that requires consideration of 1 or more financial circumstances of an individual, for the purpose of determining eligibility to receive, or the amount […]
Section 206.988 – Changes in Account Owners or Designated Beneficiaries; Transfers.
206.988 Changes in account owners or designated beneficiaries; transfers. Sec. 8. (1) Changes in account owners or designated beneficiaries are permitted as follows: (a) An account owner may change the designated beneficiary of an account to another eligible individual who is a member of the family of the previously designated beneficiary. (b) An account owner […]