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2023 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 - 206.997)
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 - Short Title.
- Section 206.982 - Definitions.
- Section 206.983 - 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 - Management Contract; Supervision.
- Section 206.985 - Management Contract; Term of Years; Termination.
- Section 206.986 - Contracts as Necessary and Proper.
- Section 206.987 - 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 - Changes in Account Owners or Designated Beneficiaries; Transfers.
- Section 206.989 - Directing Investment of Contributions in Violation of Internal Revenue Code; Prohibition; Administrative Services; Use of Interest as Loan Security.
- Section 206.990 - Maximum Account Balance Limit.
- Section 206.991 - Submission of Certain Information to Internal Revenue Service, Department, and Account Owner.
- Section 206.992 - Disclosure of Information to Account Owner and Other Person Requesting Information.
- Section 206.993 - Construction and Interpretation of Act and Agreement.
- Section 206.994 - State Obligation.
- Section 206.995 - Annual Report.
- Section 206.996 - Tax Exemption.
- Section 206.997 - Consideration of Financial Circumstances for Purpose of Assistance Program; Effect of Able Savings Account.
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