The IRS Publishes Proposed Regulations for the ABLE Act

On June 19, the Internal Revenue Service issued proposed regulations for implementation of the Achieving a Better Life Experience (ABLE) Act of 2014. These proposed regulations, titled Guidance Under Section 529A: Qualified ABLE Programs, were published in the Federal Register on June 22. Public comments are due on September 21, 2015. The IRS also announced a public hearing scheduled for October 14, 2015.

The proposed regulations address numerous issues, including the following: the relationship of a person with signature authority and the designated beneficiary of the account; qualifications for eligibility; status of an ABLE account when person is no longer disabled; limits on contributions to the account; potential penalties; and qualified expenses. The Arc and other advocates will be analyzing the proposed regulations in preparation for submitting comments.

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