(1) In this Part:(1) “ABLE” means Achieving a Better Life Experience.(2) “Account or Able saving account” means an individual account, a trust account, or a savings account established in accordance with the provisions of this Part.(3) “Account owner” means a person or legal entity who enters into a savings agreement authorized under section 529A of the Internal Revenue Code. The account owner may also be the designated beneficiary of the account.(4) “Commissioner” means the Commissioner of the Virgin Islands Department of Finance or the Commissioner’s designee.(5) “Department” means the Virgin Islands Department of Finance.(6) “Designated beneficiary” or “beneficiary” means an eligible individual for whom the account was established and whose qualified disability expenses may be paid from this account.(7) “Eligible individual” means a person who during the taxable year is entitled to benefits based on blindness or disability under Title II or XVI of the federal Social Security Act, 42 U.S.C. § 401 et seq. or 1381 et seq., respectively, where the blindness or disability occurred before the date on which the individual attained the age specified in the federal ABLE Act; or an individual with respect to whom a disability certification, meeting the requirements of the federal ABLE Act, is filed.(8) “Federal ABLE Act” means the Stephen J. Beck, Jr., Achieving a Better Life Experience Act of 2014, Pub. L. No. 113-295. 128 Stat. 4010, and includes subsequent amendments to that act, as well as regulations promulgated thereunder by the United States Secretary of the Treasury.(9) “Financial organization” means an organization authorized to do business in the Virgin Islands that is:(1) licensed or chartered under the banking and insurance laws of V.I.;(2) chartered by an agency of the federal government; or(3) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission.(10) “Internal Revenue Code” means the Internal Revenue Code of 1986, Public Law 99-514, 26 U.S.C. §1 et seq., as amended.(11) “Management contract” means the contract executed by the Commissioner and a financial organization selected to act as a depository and manager of the Program.(12) “Nonqualified Withdrawal” means a withdrawal from an account that is not a qualified withdrawal or a rollover distribution.(13) “Program” means the Virgin Islands Achieving a Better Life Experience Program established by this Part.(14) “Program manager” means a financial organization selected by the Commissioner to act as a depository and manager of the Program.(15) “Qualified disability expenses” means expenses related to the eligible individual’s blindness or disability that are made for the benefit of the eligible individual who is the designated beneficiary, including expenses for:(A) education;(B) housing;(C) transportation;(D) employment training and support;(E) assistive technology and personal support services;(F) health, prevention and wellness;(G) financial management and administrative services;(H) legal fees;(I) expenses for oversight and monitoring;(J) funeral and burial expenses;(K) expenses that are for maintaining or improving health, independence, or quality of life; or(L) other expenses that are consistent with the purposes of the Federal ABLE Act and approved by the Program.(16) “Qualified withdrawal” means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account.(17) “Rollover distribution” means a rollover distribution as used in section 529A of the Internal Revenue Code.(18) “Savings agreement” means an agreement between the program manager and the account owner.(19) “Secretary” means the Secretary of the United States Department of the Treasury.(20) “VI Able Savings Program Trust Fund” means the ABLE savings accounts program established by the Department of Finance on behalf of the Government of the Virgin Islands separate and apart from all other Government funds.
(1) “ABLE” means Achieving a Better Life Experience.
(2) “Account or Able saving account” means an individual account, a trust account, or a savings account established in accordance with the provisions of this Part.
(3) “Account owner” means a person or legal entity who enters into a savings agreement authorized under section 529A of the Internal Revenue Code. The account owner may also be the designated beneficiary of the account.
(4) “Commissioner” means the Commissioner of the Virgin Islands Department of Finance or the Commissioner’s designee.
(5) “Department” means the Virgin Islands Department of Finance.
(6) “Designated beneficiary” or “beneficiary” means an eligible individual for whom the account was established and whose qualified disability expenses may be paid from this account.
(7) “Eligible individual” means a person who during the taxable year is entitled to benefits based on blindness or disability under Title II or XVI of the federal Social Security Act, 42 U.S.C. § 401 et seq. or 1381 et seq., respectively, where the blindness or disability occurred before the date on which the individual attained the age specified in the federal ABLE Act; or an individual with respect to whom a disability certification, meeting the requirements of the federal ABLE Act, is filed.
(8) “Federal ABLE Act” means the Stephen J. Beck, Jr., Achieving a Better Life Experience Act of 2014, Pub. L. No. 113-295. 128 Stat. 4010, and includes subsequent amendments to that act, as well as regulations promulgated thereunder by the United States Secretary of the Treasury.
(9) “Financial organization” means an organization authorized to do business in the Virgin Islands that is:(1) licensed or chartered under the banking and insurance laws of V.I.;(2) chartered by an agency of the federal government; or(3) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission.
(1) licensed or chartered under the banking and insurance laws of V.I.;
(2) chartered by an agency of the federal government; or
(3) subject to the jurisdiction and regulation of the federal Securities and Exchange Commission.
(10) “Internal Revenue Code” means the Internal Revenue Code of 1986, Public Law 99-514, 26 U.S.C. §1 et seq., as amended.
(11) “Management contract” means the contract executed by the Commissioner and a financial organization selected to act as a depository and manager of the Program.
(12) “Nonqualified Withdrawal” means a withdrawal from an account that is not a qualified withdrawal or a rollover distribution.
(13) “Program” means the Virgin Islands Achieving a Better Life Experience Program established by this Part.
(14) “Program manager” means a financial organization selected by the Commissioner to act as a depository and manager of the Program.
(15) “Qualified disability expenses” means expenses related to the eligible individual’s blindness or disability that are made for the benefit of the eligible individual who is the designated beneficiary, including expenses for:(A) education;(B) housing;(C) transportation;(D) employment training and support;(E) assistive technology and personal support services;(F) health, prevention and wellness;(G) financial management and administrative services;(H) legal fees;(I) expenses for oversight and monitoring;(J) funeral and burial expenses;(K) expenses that are for maintaining or improving health, independence, or quality of life; or(L) other expenses that are consistent with the purposes of the Federal ABLE Act and approved by the Program.
(A) education;
(B) housing;
(C) transportation;
(D) employment training and support;
(E) assistive technology and personal support services;
(F) health, prevention and wellness;
(G) financial management and administrative services;
(H) legal fees;
(I) expenses for oversight and monitoring;
(J) funeral and burial expenses;
(K) expenses that are for maintaining or improving health, independence, or quality of life; or
(L) other expenses that are consistent with the purposes of the Federal ABLE Act and approved by the Program.
(16) “Qualified withdrawal” means a withdrawal from an account to pay the qualified disability expenses of the designated beneficiary of the account.
(17) “Rollover distribution” means a rollover distribution as used in section 529A of the Internal Revenue Code.
(18) “Savings agreement” means an agreement between the program manager and the account owner.
(19) “Secretary” means the Secretary of the United States Department of the Treasury.
(20) “VI Able Savings Program Trust Fund” means the ABLE savings accounts program established by the Department of Finance on behalf of the Government of the Virgin Islands separate and apart from all other Government funds.