2014 Louisiana Laws
Revised Statutes
TITLE 46 - Public Welfare and Assistance
RS 46:1723 - ABLE Account Program; creation; purpose; legislative intent
§1723. ABLE Account Program; creation; purpose; legislative intent
A. The ABLE Account Program is hereby created and shall be administered by the ABLE Account Authority, referred to hereafter as "authority" to encourage and assist individuals and families in saving private funds for the purpose of supporting persons with disabilities in endeavors to maintain health, independence, and quality of life.
B. The purposes of the ABLE Account Program, referred to hereafter as the "program", include all of the following:
(1) To pay qualified disability expenses so that persons with disabilities may maintain health, independence, and quality of life.
(2) To provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, the Medicaid program under Title XIX of the Social Security Act, the supplemental security income program under Title XVI of such Act, the beneficiary's employment, and other sources.
C.(1) It is the intention of the legislature that the program shall be treated in the same manner as a qualified tuition program defined in Section 529 of the federal Internal Revenue Code, as amended. Any provision of this Chapter determined to be in conflict with any requirement of the code as applicable to a qualified tuition program shall be superseded by such code provision to the extent necessary to assure that the program continues to meet requirements for tax-advantaged status in accordance with the code's definition of a qualified tuition program.
(2) Any requirement of this Chapter determined to be more restrictive than the requirements of the federal Internal Revenue Code as applicable to a qualified tuition program may be modified by the authority through rules promulgated in accordance with the Administrative Procedure Act to conform with code requirements.
Acts 2014, No. 93, §2.
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