California Code of Regulations
Title 10 - Investment
Chapter 14 - California Achieving a Better Life Experience (Able) Act Board
Article 1 - California Achieving a Better Life Experience (Able) Program Trust
Section 9003 - Limitations on Contributions
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Annual Contribution Limit. IRC section 529 A limits the amount that can be contributed annually to an ABLE Account to the federal gift tax exclusion. This limit is applied per account from all sources. The annual limit may increase as the federal gift tax exclusion increases.
(b) Maximum Account Balances. IRC section 529 A limits the total amount of contributions to an ABLE Account. The account balance may not exceed the amount established by the State in accordance with IRC section 529(b)(6) regarding qualified tuition programs. Accounts that have reached the maximum account balance may continue to accrue earnings and, if the account balance falls below the permitted maximum account balance, contributions may recommence.
(c) Excess Contributions. The Program Administrator will not knowingly accept contributions that would cause an account to exceed the annual contribution limit or permitted maximum account balance.
(d) Return of Excess Contributions. Contributions shall be returned to the extent that the amount of the contribution would cause the aggregate amount held for a Designated Beneficiary to exceed the annual contribution limit or permitted maximum account balance.
1. New section
filed 2-21-2017 as a deemed emergency pursuant to Welfare and Institutions Code
section
4882(b);
operative 2-21-2017 (Register 2017, No. 8). A Certificate of Compliance must be
transmitted to OAL by 8-21-2017 or emergency language will be repealed by operation
of law on the following day.
2. New section refiled 8-21-2017 as a deemed
emergency pursuant to Welfare and Institutions Code section
4882(b);
operative 8-21-2017 (Register 2017, No. 34). A Certificate of Compliance must be
transmitted to OAL by 11-20-2017 or emergency language will be repealed by operation
of law on the following day.
3. Certificate of Compliance as to 8-21-2017
order transmitted to OAL 8-24-2017 and filed 10-5-2017 (Register 2017, No.
40).
Note: Authority cited: Section 4882, Welfare and Institutions Code. Reference: Sections 4877 and 4879, Welfare and Institutions Code; and Section 529 A, Internal Revenue Code.
