Title 20 — Public Health and Welfare
63 chapters · 2,838 sections in this title.
Ark. Code Ann. § 20-3-101 Title
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This chapter shall be known and may be cited as the “Achieving a Better Life Experience Program Act”.
Ark. Code Ann. § 20-3-102 Purpose
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It is the intent and purpose of this chapter to create and establish the Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.
Ark. Code Ann. § 20-3-103 Definitions. [Effective until January 1, 2026.]
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(1) As used in this chapter:(1) “ABLE account” means an account:(A) Established by an eligible individual;(B) Owned by the eligible individual; and(C) Maintained under this subchapter;(2) “Contracting state” means a state without a qualified ABLE program that has entered into a c…
Ark. Code Ann. § 20-3-104 Creation of Achieving a Better Life Experience Program Trust
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(a) The Achieving a Better Life Experience Program Trust is created. (b) The cotrustees of the trust shall be the Secretary of the Department of Human Services, the Commissioner of Arkansas Rehabilitation Services, and the Treasurer of State.
Ark. Code Ann. § 20-3-105 Achieving a Better Life Experience Program Committee — Administration — Authority — Powers
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(a) This chapter shall be administered by the Achieving a Better Life Experience Program Committee, which shall be composed of:(1) The Secretary of the Department of Human Services, or his or her designee;(2) The Commissioner of Arkansas Rehabilitation Services, or his or her des…
Ark. Code Ann. § 20-3-106 Rules
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(1) Rules adopted under this chapter shall ensure that:(1) (A) A rollover from an ABLE account does not apply to an amount paid or distributed from the ABLE account to the extent that, not later than the sixtieth day after the date of the payment or distribution, the amount recei…
Ark. Code Ann. § 20-3-107 Investment direction
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Except as permitted under the Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295, a person shall not direct the investment of any contributions to or earnings from the program more than two (2) times each year…
Ark. Code Ann. § 20-3-108 ABLE accounts
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(a) (1) An account owner or contributor may establish an ABLE account by making an initial contribution to the Achieving a Better Life Experience Program, signing an application form approved by the Achieving a Better Life Experience Program Committee, and naming the ABLE account…
Ark. Code Ann. § 20-3-109 Naming of designated beneficiary and transfers of ABLE accounts
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(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 di…
Ark. Code Ann. § 20-3-110 Prohibitions
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(a) Total contributions to the ABLE account established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary's qualified disability expenses are prohibited. (b) (1) An ABLE account or a legal or beneficial int…
Ark. Code Ann. § 20-3-111 Funds exempt from tax
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(a) Except as otherwise indicated in this chapter, interest, dividends, and capital gains from funds invested in the Achieving a Better Life Experience Program are exempt from Arkansas income taxes. (b) (1) A qualified distribution from a disability savings account established un…
Ark. Code Ann. § 20-3-112 Limitation on liability
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(1) Neither the Achieving a Better Life Experience Program, the Achieving a Better Life Experience Program Committee and each of its members, nor the state shall:(1) Insure any ABLE account or guarantee any rate of return or any interest rate on any contribution;(2) Be liable for…
Ark. Code Ann. § 20-3-113 Liberal construction
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This chapter shall be liberally construed to comply with the requirements of the Achieving a Better Life Experience Program as provided under the Tax Increase Prevention Act of 2014, Pub. L. No. 113-295.