Michigan Compiled Laws Act 160 Of 2015 Michigan Achieving A Better Life Experience (Able) Program Act (206.981. New - 206.997. New)***** Act 160 Of 2015 This New Act Is Effective January 26, 2016 *****

• Section 206.981. New Short Title.
  206.981.new Short title.Sec. 1. This act shall be known and may be cited as the "Michigan achieving a better life experience (ABLE) program act". History:...
• Section 206.982. New Definitions.
  206.982.new Definitions.Sec. 2. As used in this act: (a) "ABLE" means achieving a better life experience. (b) "ABLE savings account" or "account" means an account...
• Section 206.983. New 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.
  206.983.new Michigan ABLE savings program; establishment; program manager; purposes, powers, and duties of state treasurer or designee; selection of program managers; proposals; factors; duties of...
• Section 206.984. New Management Contract; Supervision.
  206.984.new Management contract; supervision.Sec. 4. The treasurer shall be responsible for the ongoing supervision of each management contract. History: 2015, Act 160, Eff. Jan. 26,
• Section 206.985. New Management Contract; Term Of Years; Termination.
  206.985.new Management contract; term of years; termination.Sec. 5. (1) A management contract shall be for a term of years specified in the management contract. (2)...
• Section 206.986. New Contracts As Necessary And Proper.
  206.986.new Contracts as necessary and proper.Sec. 6. The treasurer may enter into contracts that it considers necessary and proper for the implementation of this program....
• Section 206.987. New Able Savings Accounts; Establishment; Opening Of Account By Individual Or Designated Representative; Agreement; Form; Contents; Contributions; Exemption From Creditor Process; Distributions; Separate Accounting.
  206.987.new ABLE savings accounts; establishment; opening of account by individual or designated representative; agreement; form; contents; contributions; exemption from creditor process; distributions; separate accounting.Sec. 7....
• Section 206.988. New Changes In Account Owners Or Designated Beneficiaries; Transfers.
  206.988.new 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...
• Section 206.989. New Directing Investment Of Contributions In Violation Of Internal Revenue Code; Prohibition; Administrative Services; Use Of Interest As Loan Security.
  206.989.new 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...
• Section 206.990. New Maximum Account Balance Limit.
  206.990.new 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...
• Section 206.991. New Submission Of Certain Information To Internal Revenue Service, Department, And Account Owner.
  206.991.new 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,...
• Section 206.992. New Disclosure Of Information To Account Owner And Other Person Requesting Information.
  206.992.new 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...
• Section 206.993. New Construction And Interpretation Of Act And Agreement.
  206.993.new 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...
• Section 206.994. New State Obligation.
  206.994.new 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...
• Section 206.995. New Annual Report.
  206.995.new 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...
• Section 206.996. New Tax Exemption.
  206.996.new 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...
• Section 206.997. New Consideration Of Financial Circumstances For Purpose Of Assistance Program; Effect Of Able Savings Account.
  206.997.new 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...

Last modified: October 10, 2016