The Treasury Department and IRS today released for publication in the Federal Register proposed regulations (REG-102837-15) under section 529A as guidance for states and state agencies to establish and maintain a new type of tax-favored savings program, under which contributions may be made to the account of an eligible disabled individual to meet qualified disability expenses.
The proposed regulations [PDF 287 KB] are being issued to implement the section 529A provisions that were enacted in late 2014 as the “Achieving a Better Life Experience” (ABLE) legislation.
The proposed regulations provide guidance on the requirements a program must satisfy in order to be a qualified ABLE program under section 529A. For example, the program must, among other items:
A public hearing is scheduled for October 14, 2015. Comments on the proposed regulations as well as topics to be discussed at the hearing must be received by a date that is 90 days after publication in the Federal Register, scheduled for Monday, June 22, 2015.
Read a related IRS release.
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