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Michigan Compiled Laws Complete Through PA 178 of 2019
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Act 160 of 2015
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Act 160 of 2015

AN ACT to create the Michigan achieving a better life experience (ABLE) program; to provide for ABLE accounts; to prescribe the powers and duties of certain state agencies, boards, and departments; to allow certain tax credits or deductions; and to provide for penalties and remedies.

History: 2015, Act 160, Eff. Jan. 26, 2016

© 2017 Legislative Council, State of Michigan

The People of the State of Michigan enact:

Section 206.981SectionShort title.
Section 206.982SectionDefinitions.
Section 206.983SectionMichigan ABLE savings program; establishment; program manager; purposes, powers, and duties of state treasurer or designee; selection of program managers; proposals; factors; duties of treasurer and program manager; contract.
Section 206.984SectionManagement contract; supervision.
Section 206.985SectionManagement contract; term of years; termination.
Section 206.986SectionContracts as necessary and proper.
Section 206.987SectionABLE savings accounts; establishment; opening of account by individual or designated representative; agreement; form; contents; contributions; exemption from creditor process; distributions; separate accounting.
Section 206.988SectionChanges in account owners or designated beneficiaries; transfers.
Section 206.989SectionDirecting investment of contributions in violation of internal revenue code; prohibition; administrative services; use of interest as loan security.
Section 206.990SectionMaximum account balance limit.
Section 206.991SectionSubmission of certain information to internal revenue service, department, and account owner.
Section 206.992SectionDisclosure of information to account owner and other person requesting information.
Section 206.993SectionConstruction and interpretation of act and agreement.
Section 206.994SectionState obligation.
Section 206.995SectionAnnual report.
Section 206.996SectionTax exemption.
Section 206.997SectionConsideration of financial circumstances for purpose of assistance program; effect of ABLE savings account.
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