There is a newer version of the Michigan Compiled Laws
2015 Michigan Compiled Laws
Chapter 206 - Income Tax Act of 1967
Act 160 of 2015 MICHIGAN ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) PROGRAM ACT (206.981.new - 206.997.new)***** Act 160 of 2015 THIS NEW ACT IS EFFECTIVE JANUARY 26, 2016 *****
***** Act 160 of 2015 THIS NEW ACT IS EFFECTIVE JANUARY 26, 2016 *****
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
- Section 206.981.new Short title.
- Section 206.982.new Definitions.
- Section 206.983.new 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.new Management contract; supervision.
- Section 206.985.new Management contract; term of years; termination.
- Section 206.986.new Contracts as necessary and proper.
- Section 206.987.new 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.new Changes in account owners or designated beneficiaries; transfers.
- Section 206.989.new Directing investment of contributions in violation of internal revenue code; prohibition; administrative services; use of interest as loan security.
- Section 206.990.new Maximum account balance limit.
- Section 206.991.new Submission of certain information to internal revenue service, department, and account owner.
- Section 206.992.new Disclosure of information to account owner and other person requesting information.
- Section 206.993.new Construction and interpretation of act and agreement.
- Section 206.994.new State obligation.
- Section 206.995.new Annual report.
- Section 206.996.new Tax exemption.
- Section 206.997.new Consideration of financial circumstances for purpose of assistance program; effect of ABLE savings account.
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.