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§ 4666.501. ABLE savings accounts

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: April 18, 2016

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 3. State Fiscal Affairs in General (Refs & Annos)
Pennsylvania Able Act (Refs & Annos)
Chapter 5. Accounts
Effective: April 18, 2016
72 P.S. § 4666.501
§ 4666.501. ABLE savings accounts
Currentness
(a) ABLE account contract.--An ABLE savings account may be opened through a contract entered into by an account owner and the department. If the account owner is a fiduciary, the account owner shall continue to have signatory authority over the account until the account owner relinquishes the authority.
(b) Fiduciaries.--To the extent that Federal law requires an eligible individual to be the account owner, the following may enter into an ABLE account contract as fiduciary for an eligible individual who is a minor or who lacks capacity to enter into an ABLE account contract:
(1) A parent or guardian.
(2) A person or legal entity designated in writing by the parent or guardian.
(3) A trustee of a trust for which the eligible individual is a beneficiary.
(4) For an eligible individual receiving benefits based on blindness or a disability under Title II of the Social Security Act (49 Stat. 620, 42 U.S.C. § 401 et seq.) or Title XVI of the Social Security Act (42 U.S.C. § 1381), the representative payee for those benefits.
(5) Any other person or entity authorized under section 529A of the Internal Revenue Code1 with signature authority over the account.
(c) Change of designated beneficiary.--An account owner may change the designated beneficiary named in the ABLE account contract to another eligible individual if permitted under section 529A of the Internal Revenue Code.

Credits

2016, April 18, P.L. 128, No. 17, § 501, imd. effective.

Footnotes

1
26 U.S.C.A. § 529A.
72 P.S. § 4666.501, PA ST 72 P.S. § 4666.501
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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