53-25-101. Short title

53-25-101. Short title. This chapter may be cited as the “Montana Achieving a Better Life Experience Act”. History: En. Sec. 1, Ch. 436, L. 2015.

53-25-102. Purpose

53-25-102. Purpose. (1) It is the intent of the legislature to provide access to a program authorized by section 529A of the Internal Revenue Code, 26 U.S.C. 529A, to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life and […]

53-25-103. Definitions

53-25-103. Definitions. As used in this chapter, the following definitions apply: (1) ”Account” means an eligible participating account established under this chapter by or on behalf of an eligible individual. (2) ”Agent” means one of the following persons acting on behalf of a designated beneficiary: (a) a person acting under a power of attorney; or (b) if no person holds […]

53-25-104. Program administration — rulemaking

53-25-104. Program administration — rulemaking. (1) There is a Montana achieving a better life experience program. The department shall ensure that the program meets the requirements for an achieving a better life experience program under section 529A of the Internal Revenue Code, 26 U.S.C. 529A. The program administrator may request a private letter ruling from the […]

53-25-105. Program oversight committee — membership — powers and duties

53-25-105. Program oversight committee — membership — powers and duties. (1) The department shall establish a program oversight committee under the authority of the department. (2) The committee must consist of five members as follows: (a) the director of the department of public health and human services or the director’s designee; (b) the director of the department of administration […]

53-25-106. through 53-25-108 reserved

53-25-106 through 53-25-108 reserved.

53-25-109. Program requirements — application — establishment of account — contributions

53-25-109. Program requirements — application — establishment of account — contributions. (1) The program must be operated through use of accounts in the trust established by designated beneficiaries. Payments to the trust for participation in the program must be made by or on behalf of designated beneficiaries pursuant to participating trust agreements. A person who wishes […]

53-25-110. Qualified and nonqualified withdrawals — rulemaking

53-25-110. Qualified and nonqualified withdrawals — rulemaking. (1) A designated beneficiary or agent may withdraw all or part of the balance from an account under rules prescribed by the department. The rules must be used to help the department or program administrator to determine whether a withdrawal is a nonqualified withdrawal or a qualified withdrawal to […]

53-25-111. Changes in designated beneficiary

53-25-111. Changes in designated beneficiary. (1) A designated beneficiary or agent may change the designated beneficiary of an account to an individual who is a member of the family of the former designated beneficiary in accordance with procedures established by the department. (2) If requested by a designated beneficiary or agent, all or a portion of an […]

53-25-112. Selection of financial institution as program manager — contract — termination

53-25-112. Selection of financial institution as program manager — contract — termination. (1) The department shall implement the operation of the program through the use of one or more financial institutions to act as program manager. Under the program, a person may submit applications for enrollment in the program and participating trust agreements to a program […]

53-25-113. Limitations

53-25-113. Limitations. (1) This chapter may not be construed to establish state residency for a person merely because the person is a designated beneficiary. (2) This chapter does not establish any obligation of this state or of an agency or instrumentality of this state to guarantee for the benefit of a designated beneficiary, agent, or contributor: (a) the […]

53-25-114. through 53-25-116 reserved

53-25-114 through 53-25-116 reserved.

53-25-117. Deductions for contributions

53-25-117. (Temporary) Deductions for contributions. An individual who contributes to one or more accounts established pursuant to this chapter in a tax year is entitled to reduce the individual’s adjusted gross income, in accordance with 15-30-2110(12), by the total amount of the contributions, but not more than $3,000, if the individual is: (1) the designated beneficiary; (2) the […]

53-25-118. Tax on certain withdrawals of deductible contributions

53-25-118. (Temporary) Tax on certain withdrawals of deductible contributions. (1) There is a recapture tax at a rate equal to the highest rate of tax provided in 15-30-2103 on the recapturable withdrawal of amounts that reduced adjusted gross income under 15-30-2110(12). (2) For purposes of determining the portion of a recapturable withdrawal that reduced adjusted gross income, […]

53-25-119. Access to records

53-25-119. Access to records. Information that identifies the contributor, agent, or designated beneficiary of an account is exempt from the provisions of 2-6-1003 and any other provision of law permitting the public inspection or copying of documents. History: En. Sec. 13, Ch. 436, L. 2015; amd. Sec. 66, Ch. 348, L. 2015; amd. Sec. 12, Ch. 433, […]

53-25-120. Account not counted as resource

53-25-120. Account not counted as resource. Unless required by federal law or regulation, money in any account established pursuant to 26 U.S.C. 529A may not be counted as a resource in determining eligibility for an assistance program operated under Title 53 or any other federal, state, or local government means-tested program. History: En. Sec. 14, Ch. 436, […]

53-25-121. Achieving a better life experience savings trust

53-25-121. Achieving a better life experience savings trust. (1) There is an achieving a better life experience savings trust that is an instrumentality of the state and that is created for a public purpose. The trust consists of trust interests, with each trust interest corresponding to an account. The assets of an account may not be […]

53-25-122. Exemption from claims of creditors

53-25-122. Exemption from claims of creditors. (1) Except as provided in subsection (3) and 26 U.S.C. 529A, up to $100,000 of assets and earnings held in and distributions from the trust by or on behalf of a contributor or designated beneficiary of a participating trust agreement are exempt from all claims of creditors of the contributor […]