MCL - Act 160 of 2015


Act 160 of 2015

AN ACT to create the Michigan achieving a better life experience (ABLE) program; to provide for ABLE accounts; to prescribe the powers and duties of certain state agencies, boards, and departments; to allow certain tax credits or deductions; and to provide for penalties and remedies.

History: 2015, Act 160, Eff. Jan. 26, 2016

The People of the State of Michigan enact:
Document Type Description
Section 206.981 Section Short title.
Section 206.982 Section Definitions.
Section 206.983 Section 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.
Section 206.984 Section Management contract; supervision.
Section 206.985 Section Management contract; term of years; termination.
Section 206.986 Section Contracts as necessary and proper.
Section 206.987 Section ABLE savings accounts; establishment; opening of account by individual or designated representative; agreement; form; contents; contributions; exemption from creditor process; distributions; separate accounting.
Section 206.988 Section Changes in account owners or designated beneficiaries; transfers.
Section 206.989 Section Directing investment of contributions in violation of internal revenue code; prohibition; administrative services; use of interest as loan security.
Section 206.990 Section Maximum account balance limit.
Section 206.991 Section Submission of certain information to internal revenue service, department, and account owner.
Section 206.992 Section Disclosure of information to account owner and other person requesting information.
Section 206.993 Section Construction and interpretation of act and agreement.
Section 206.994 Section State obligation.
Section 206.995 Section Annual report.
Section 206.996 Section Tax exemption.
Section 206.997 Section Consideration of financial circumstances for purpose of assistance program; effect of ABLE savings account.