Browse Arkansas Code titles and sections
20-3-109. Naming of designated beneficiary and transfers of ABLE accounts.
Arkansas Code — all titles (historical 2020) · legal_authorities
20-3-109. Naming of designated beneficiary and transfers of ABLE accounts.
(a) An ABLE account owner shall have the right to name the designated beneficiary of an ABLE account and at any time to change the designated beneficiary of an ABLE account to an eligible individual who is a member of the family of the former designated beneficiary.
(b) At the direction of an ABLE account owner, all or a portion of an ABLE account may be transferred to another ABLE account whose designated beneficiary is a member of the family of the designated beneficiary of the transferee ABLE account if the transferee ABLE account was created by this chapter or in accordance with an Achieving a Better Life Experience program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(c)(1) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to:
(A) The estate of a designated beneficiary; or
(B) An account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary.
(2) An agency or instrumentality of the state shall not seek payment under 26 U.S.C. § 529A(f), as in effect on January 1, 2019, from the account or its proceeds for benefits provided to a designated beneficiary.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 20-3-109
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:20-3-109
Source file: gov.ar.code.title.20.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9a40bccb4ea509c27012e7625c4ceeca58f96ec9aecde6fea69b414e344c3752
Source location: content.xml paragraph 268
Stored source content
20-3-109. Naming of designated beneficiary and transfers of ABLE accounts.
(a) An ABLE account owner shall have the right to name the designated beneficiary of an ABLE account and at any time to change the designated beneficiary of an ABLE account to an eligible individual who is a member of the family of the former designated beneficiary.
(b) At the direction of an ABLE account owner, all or a portion of an ABLE account may be transferred to another ABLE account whose designated beneficiary is a member of the family of the designated beneficiary of the transferee ABLE account if the transferee ABLE account was created by this chapter or in accordance with an Achieving a Better Life Experience program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
(c)(1) Unless prohibited by federal law, upon the death of a designated beneficiary, proceeds from an account may be transferred to:
(A) The estate of a designated beneficiary; or
(B) An account for another eligible individual specified by the designated beneficiary or the estate of the designated beneficiary.
(2) An agency or instrumentality of the state shall not seek payment under 26 U.S.C. § 529A(f), as in effect on January 1, 2019, from the account or its proceeds for benefits provided to a designated beneficiary.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A qualified ABLE program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations).
**(b) Qualified ABLE program** For purposes of this section—
(1) **In general** — The term “qualified ABLE program” means a program established and maintained by a State, or agency or instrumentality thereof—
(A) under which a person may make contributions for a taxable year, for the benefit of an individual who is an eligible individual for such taxable year, to an ABLE account which is established for the purpose of meeting the qualified disability expenses of the designated beneficiary of the account,
(B) which limits a designated beneficiary to 1 ABLE account for purposes of this section, and
(C) which meets the other requirements of this section.
(2) **Cash contributions** — A program shall not be treated as a qualified ABLE program unless it provides that no contribution will be accepted—
(A) unless it is in cash, or
(B) except in the case of contributions under subsection (c)(1)(C) or received in a qualified ABLE rollover contribution described in section 530A(d)(4)(B), if such contribution to an ABLE account would result in aggregate contributions from all contributors to the ABLE account for the taxable year exceeding the sum of—
(i) the amount in effect under section 2503(b) (determined by substituting “1996” for “1997” in paragraph (2)(B) thereof) for the calendar year in which the taxable year begins, plus
(ii) in the case of any contribution by a designated beneficiary described in paragraph (7), the lesser of—
(I) compensation (as def
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 529A
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 529A. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1739
TITLE 26—INTERNAL REVENUE CODE
§ 529A
EFFECTIVE DATE OF 1998 AMENDMENT
Amendment by Pub. L. 105–206 effective, except as
otherwise provided, as if included in the provisions of
the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which
such amendment relates, see section 6024 of Pub. L.
105–206, set out as a note under section 1 of this title.
EFFECTIVE DATE OF 1997 AMENDMENT
Pub. L. 105–34, title II, § 211(f), Aug. 5, 1997, 111 Stat.
812, provided that:
‘‘(1) IN
GENERAL.—Except as otherwise provided in
this subsection, the amendments made by this section
[amending this section and sections 135 and 6693 of this
title] shall take effect on January 1, 1998.
‘‘(2) EXPENSES
TO
INCLUDE
ROOM
AND
BOARD.—The
amendment made by subsection (a) shall take effect as
if included in the amendments made by section 1806 of
the Small Business Job Protection Act of 1996 [Pub. L.
104–188].
‘‘(3) ELIGIBLE EDUCATIONAL INSTITUTION.—The amend-
ment made by subsection (b)(2) [amending this section]
shall apply to distributions after December 31, 1997,
with respect to expenses paid after such date (in tax-
able years ending after such date), for education fur-
nished in academic periods beginning after such date.
‘‘(4) COORDINATION WITH EDUCATION SAVINGS BONDS.—
The amendment made by subsection (c) [amending sec-
tion 135 of this title] shall apply to taxable years begin-
ning after December 31, 1997.
‘‘(5) ESTATE AND GIFT TAX CHANGES.—
‘‘(A) GIFT TAX CHANGES.—Paragraphs (2) and (5) of
section 529(c) of the Internal Revenue Code of 1986, as
amended by this section, shall apply to transfers (in-
cluding designations of new beneficiaries) made after
the date of the enactment of this Act [Aug. 5, 1997].
‘‘(B) ESTATE TAX CHANGES.—Paragraph (4) of such
section 529
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 529A
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 529A. This identifies an authority to review, not proof of applicability.