Sec. 54.909. USE OF FUND ASSETS. The assets of the program may only be used to:
(1) make distributions to designated beneficiaries;
(2) pay the costs of program administration and operations;
(3) make refunds for cancellations, excess contributions, liquidation under Section 54.908(d), and death, in accordance with a computation method determined by the board;
(4) roll over funds to another ABLE account to the extent authorized by Section 529A, Internal Revenue Code; and
(5) make distributions to the state as authorized by Section 529A, Internal Revenue Code.
Added by Acts 2015, 84th Leg., R.S., Ch. 1213 (S.B. 1664), Sec. 2, eff. June 19, 2015.
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