Colorado § 23-3.1-311 - Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties.

§ 23-3.1-311. Achieving a better life experience (ABLE) savings program - establishment - authority - powers - duties.

(1) The authority shall establish and implement the achieving a better life experience (ABLE) savings program in Colorado that complies with the federal ABLE act and section 529A of the internal revenue code, or any successor section, and regulations implementing that section to allow for an account owner to save for qualified disability expenses without disqualifying the account owner from certain federal benefits. The ABLE savings program shall be administered pursuant to the provisions of this part 3 that are consistent with section 529A of the internal revenue code. In addition to any other powers and duties specifically granted to the authority in this part 3 and in part 2 of this article, as applicable to the ABLE savings program, the authority shall:

(a) Adopt any guidelines and procedures that are necessary to administer the ABLE savings program;

(b) Make any necessary changes to the ABLE savings program to obtain or maintain federal income tax benefits or treatment provided by section 529A of the internal revenue code and exemptions under federal securities laws;

(c) Operate the ABLE savings program through the use of accounts pursuant to the provisions of section 23-3.1-306 as they apply to the ABLE savings program; and

(d) Implement the ABLE savings program through the use of one or more financial institutions to act as managers pursuant to the provisions of section 23-3.1-305 as they apply to the ABLE savings program.

(2) For purposes of implementing the ABLE savings program, the authority may invest amounts on deposit in accounts established pursuant to this section with other accounts established in this part 3 that are qualified accounts pursuant to section 529 of the internal revenue code.

(3) If permitted under federal law, the authority may:

(a) Contract with a state that does not have a qualified ABLE savings program pursuant to section 529A of the internal revenue code to provide residents of that state access to Colorado's ABLE savings program; and

(b) Contract with a state that has a qualified ABLE savings program to provide residents of Colorado access to that state's program.

(4) Nothing in this article prevents the authority from complying with its duty to conform the program to federal requirements for a qualified ABLE savings program under section 529A of the internal revenue code.

(5) Upon the death of an ABLE savings program designated beneficiary, the state shall not file a claim against the deceased designated beneficiary's ABLE savings program account as authorized in section 529A (f) of the internal revenue code, unless the filing of such a claim is required to maintain qualified ABLE savings program status under section 529A of the internal revenue code.

Source: L. 2015: Entire section added, (HB 15-1359), ch. 269, p. 1046, § 1, effective June 3. L. 2022: (5) added, (HB 22-1320), ch. 241, p. 1783, § 2, effective January 1, 2023.

23-3.3 ARTICLE 3.3

Student Financial Assistance

PART 1

GENERAL PROVISIONS

23-3.3-101. Definitions.

23-3.3-102. Assistance program authorized - procedure - audits - definitions - repeal.

23-3.3-103. Annual appropriations - repeal.

23-3.3-104. Assistance to professional theology students prohibited.

23-3.3-105. Free application for federal student assistance - working group - report - legislative declaration - definition - repeal. (Repealed)

23-3.3-106. Technology to support FAFSA and CASFA - definitions.

23-3.3-107. Improvements to CASFA - definitions - repeal. (Repealed)

PART 2

TUITION ASSISTANCE

23-3.3-201. Definitions.

23-3.3-202. Program funding.

23-3.3-203. Veterans with service after August 5, 1964. (Repealed)

23-3.3-204. Dependents of prisoners of war and military personnel missing in action.

23-3.3-205. Dependents of deceased or permanently disabled National Guardsman, law enforcement officer, or firefighter.

PART 3

STUDENT LOAN MATCHING

23-3.3-301. Student loan matching program - funding.

PART 4

WORK-STUDY PROGRAM

23-3.3-401. Work-study program established - requirements - repeal.

PART 5

SCHOLARSHIP AND GRANT PROGRAM

23-3.3-501. Scholarship and grant program - funding.

PART 6

COLORADO EDUCATIONAL EXCHANGE PROGRAM

23-3.3-600.1. Short title.

23-3.3-601. Educational exchange program.

PART 7

COLORADO NURSING SCHOLARSHIP PROGRAM

23-3.3-701. Colorado nursing scholarship program.

PART 8

EARLY CHILDHOOD PROFESSIONAL LOAN REPAYMENT PROGRAM

23-3.3-801 to

23-3.3-803. (Repealed)

PART 9

TEACH COLORADO GRANT INITIATIVE

23-3.3-900.3. Definitions.

23-3.3-901. Teach Colorado grant initiative created - award of grants - legislative declaration.

PART 10

COLORADO OPPORTUNITY SCHOLARSHIP INITIATIVE

23-3.3-1001. Legislative declaration.

23-3.3-1002. Definitions.

23-3.3-1003. Colorado opportunity scholarship initiative - created.

23-3.3-1004. Colorado opportunity scholarship initiative advisory board - created - duties - rules.

23-3.3-1005. Colorado opportunity scholarship initiative fund - created - rules.

23-3.3-1006. Colorado opportunity scholarship initiative - federal money - institutional allocations - purposes - reporting - rules - definitions - repeal. (Repealed)

23-3.3-1007. Student aid applications completion grant program - created - applications - rules - definitions - repeal. (Repealed)

23-3.3-1008. Displaced workers grant - repeal. (Repealed)

23-3.3-1009. Support for in-demand short-term health-care credentials - report - definitions - repeal.

23-3.3-1010. Youth mentorship assistance grant pilot program - creation - policies - reports - definitions - repeal.

PART 11

TUITION ASSISTANCE FOR CAREER AND TECHNICAL EDUCATION CERTIFICATE PROGRAMS

23-3.3-1101. Career and technical education certificate programs - tuition assistance - funding - definitions.

PART 12

COLORADO SECOND CHANCE SCHOLARSHIP

23-3.3-1201 to

23-3.3-1203. (Repealed)

PART 13

FOURTH-YEAR INNOVATION PILOT PROGRAM

23-3.3-1301. Legislative declaration.

23-3.3-1302. Definitions.

23-3.3-1303. Fourth-year innovation pilot program - creation - eligibility - award of state funding - commission policies.

23-3.3-1304. Receipt and use of state funding.

23-3.3-1305. Reporting requirements.

23-3.3-1306. Fourth-year innovation pilot program fund - creation - reversion.

23-3.3-1307. Repeal of part.

PART 14

FOSTER YOUTH FINANCIAL ASSISTANCE PROGRAM

23-3.3-1401. Financial aid for students who have been in out-of-home placement - institution liaisons - navigators - definitions.

PART 15

FINANCIAL ASSISTANCE PROGRAM FOR STUDENTS EXPERIENCING HOMELESSNESS

23-3.3-1501. Definitions.

23-3.3-1502. Financial aid for students who have experienced homelessness - creation - purpose - rules.

23-3.3-1503. Financial assistance program for students experiencing homelessness - program liaison - program navigator - data-sharing.

PART 1

GENERAL PROVISIONS