2019 New Mexico Statutes
Chapter 6 - Public Finances
Article 8A - Accounts for Persons with Disabilities
Section 6-8A-7 - Treatment of accounts under federal means-tested programs.
A. Notwithstanding any other provision of federal law that requires consideration of one or more financial circumstances of a person when determining eligibility to receive benefits or determining the amount of assistance, such provisions shall not apply to a designated beneficiary except that, in the case of the supplemental security income program under Title 16 of the federal Social Security Act:
(1) a distribution for housing expenses shall be allowed; and
(2) any amount in an account established pursuant to the Accounts for Persons with Disabilities Act, including earnings on investment of the account, in excess of one hundred thousand dollars ($100,000) shall be considered an excess resource of the designated beneficiary.
B. The benefits of a designated beneficiary under the supplemental security income program under Title 16 of the federal Social Security Act shall not be terminated, but shall be suspended, by reason of excess resources of the designated beneficiary attributable to an amount in the account, within the meaning of Section 529A of the Internal Revenue Code of 1986, as amended.
History: Laws 2016, ch. 40, § 7.
ANNOTATIONSEmergency clauses. — Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.
Applicability. — Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.
