New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter IV - Miscellaneous Rules
Part 156 - The New York Achieving A Better Life Experience Savings Account Act
Section 156.1 - Purpose; Authority

Current through Register Vol. 46, No. 12, March 20, 2024

The New York Achieving A Better Life Experience Savings Account Act (NY ABLE Program or the Program) was established for the purpose of enabling residents of New York to benefit from the tax incentive provided for qualified disability expenses under the Internal Revenue Code of 1986, as amended (the Code), and to encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities, as defined by the Code, to maintain health, independence and quality of life; and to provide secure funding for disability-related expenses on behalf of designated beneficiaries with intellectual, developmental or other disabilities that will supplement, but not supplant, benefits provided through existing sources. The Comptroller of the State of New York (the Comptroller) is required to implement the NY ABLE Program as a "qualified ABLE program" under section 529A of the Code, and to make changes to the Program required for participants to obtain the tax benefits provided thereunder. These rules, developed in consultation with the Commissioners of the Office for People With Developmental Disabilities, the Office of Mental Health, the Department of Health, and the Office of Temporary and Disability Assistance, clarify and implement certain provisions of Article 84 of the Mental Hygiene Law (Article 84), as authorized and required thereby, to maintain the Program as a qualified A BLE program. In the event that changes in Federal law or rules necessitate program changes in order to maintain the Program as a qualified ABLE program, the Comptroller, in consultation with the above-referenced Commissioners, shall promptly: