(a) An ABLE savings account established pursuant to this Part may be opened by a designated beneficiary provided that the designated beneficiary shall be an eligible individual at the time the account is established. Any of the persons listed below may enter into an ABLE account contract as fiduciary for an eligible individual who is a minor or who lacks capacity to enter into an ABLE account contract:(1) a parent or guardian;(2) a person or legal entity designated in writing by the parent or guardian;(3) a trustee of a trust for which the eligible individual is a beneficiary;(4) for an eligible individual receiving benefits based on blindness or a disability under Title II of the Social Security Act, 49 Stat. 620, 42 U.S.C. § 401, or Title XVI of the Social Security Act, 42 U.S.C. § 1381, the representative payee for those benefits; or(5) any other person or entity authorized under section 529A of the Internal Revenue Code with signature authority over the account.
(1) a parent or guardian;
(2) a person or legal entity designated in writing by the parent or guardian;
(3) a trustee of a trust for which the eligible individual is a beneficiary;
(4) for an eligible individual receiving benefits based on blindness or a disability under Title II of the Social Security Act, 49 Stat. 620, 42 U.S.C. § 401, or Title XVI of the Social Security Act, 42 U.S.C. § 1381, the representative payee for those benefits; or
(5) any other person or entity authorized under section 529A of the Internal Revenue Code with signature authority over the account.
(b) Each beneficiary or authorized legal representative may hold only one (1) account. The Commissioner may establish an annual maintenance fee for each account, not to exceed fifty dollars. An application for an account shall be in the form specified by the Commissioner and shall contain:(1) the name, address, and social security number of the account owner;(2) the name, address, and social security number of the designated beneficiary, if the account owner is the beneficiary’s trustee or guardian;(3) certification relating to no excess contributions; and(4) additional information as the Commissioner may require.
(1) the name, address, and social security number of the account owner;
(2) the name, address, and social security number of the designated beneficiary, if the account owner is the beneficiary’s trustee or guardian;
(3) certification relating to no excess contributions; and
(4) additional information as the Commissioner may require.
(c) Any person may make contributions to an ABLE savings account after the account is opened, subject to the limitations imposed by § 529A of the Internal Revenue Code of 1986, as amended, or any rules and regulations adopted by the Secretary and applicable to this Part.
(d) The Commissioner or program manager shall reject or promptly withdraw a contribution:(1) if the contribution would cause the aggregate balance to exceed the limits established pursuant to section 529A of the Internal Revenue Code; or(2) if the designated beneficiary is not an eligible individual in the current calendar year.
(1) if the contribution would cause the aggregate balance to exceed the limits established pursuant to section 529A of the Internal Revenue Code; or
(2) if the designated beneficiary is not an eligible individual in the current calendar year.
(e) An account owner may:(1) change the designated beneficiary of an account to an individual who is a member of the family of the prior designated beneficiary in accordance with procedures established by the Commissioner; and(2) transfer all or a portion of an account to another ABLE savings account, the designated beneficiary of which is a member of the family as defined in § 529A of the Internal Revenue Code of 1986, as amended.(3) not use an interest in an account as security for a loan. Any pledge of an interest in an account shall be of no force and effect.
(1) change the designated beneficiary of an account to an individual who is a member of the family of the prior designated beneficiary in accordance with procedures established by the Commissioner; and
(2) transfer all or a portion of an account to another ABLE savings account, the designated beneficiary of which is a member of the family as defined in § 529A of the Internal Revenue Code of 1986, as amended.
(3) not use an interest in an account as security for a loan. Any pledge of an interest in an account shall be of no force and effect.
(f) If there is any distribution from an account to any individual or for the benefit of any individual during a calendar year, the distribution shall be reported to Bureau of Internal Revenue and to the account owner, designated beneficiary, or distributee to the extent required by Virgin Islands or federal law.
(g) Statements shall be provided to each account owner at least four (4) times each year within thirty (30) days after the end of the three (3)-month period to which a statement relates. The statement shall identify the contributions made during the preceding three (3)-month period, the total contributions made to the account through the end of the period, the value of the account at the end of the period, distributions made during the period, and any other information that the Commissioner requires to be reported to the account owner. Statements and information relating to accounts shall be prepared and filed to the extent required by this Part and any other Virgin Islands or federal law.
(h) The program shall provide a separate accounting for each designated beneficiary.