New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 79 - INDIVIDUAL DEVELOPMENT ACCOUNTS
Part 1 - GENERAL PROVISIONS
Section 2.79.1.14 - ELIGIBLE ACCOUNT OWNERS
Universal Citation: 2 NM Admin Code 2.79.1.14
Current through Register Vol. 35, No. 18, September 24, 2024
A. To participate as an account owner in an individual development account program approved by the director an individual, at the time of application, shall be a member of a household located in New Mexico whose adjusted gross income is not in excess of 200 percent of the federal poverty guidelines and shall:
(1) have earned income;
(2) be eighteen years of age or older;
and
(3) be a citizen or legal
resident of the United States.
B. A child in foster care is an eligible individual if he:
(1) is sixteen years of age
or older;
(2) has earned income
that is no more than 200 percent of the federal poverty guidelines when the
child's income is evaluated separately from the income of his foster
household;
(3) is a citizen or
legal resident of the United States; and
(4) is a resident of New Mexico.
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