District Of Columbia § 47-4902 - ABLE Program Trust.
Full text of District Of Columbia D.C. Code § 47-4902 — ABLE Program Trust., with citation guidance and answers to common questions.
§ 47-4902. ABLE Program Trust.
47-4902In accordance with the Federal ABLE Act, there is established a qualified ABLE program, to be known as the ABLE Program Trust, that shall be established as a trust, which shall authorize an eligible individual to create an ABLE account to enable the eligible individual to benefit from the tax incentives provided under the Federal ABLE Act.
The Chief Financial Officer, or the CFO’s designee, shall serve as the trustee of the Trust.
The Trust shall receive and hold all payments and contributions received from any public or private source, and the earnings on those payments and contributions, including:
Gifts;
Bequests;
Endowments;
Federal and local grants; and
Any other funds intended for the Trust.
All deposits, and earnings on those deposits, held in the Trust shall constitute assets of the Trust and shall not be commingled with or revert to the General Fund of the District of Columbia or any special, emergency, or temporary fund of the District of Columbia at the end of any fiscal year or at any other time.
The Trust shall continue in existence as long as it holds any payments, contributions, or other funds or has any obligations and until its existence is terminated by law.
An eligible individual who seeks to save money for the payment of qualified disability expenses of a designated beneficiary may establish an ABLE account and shall enter into an ABLE Account Savings Agreement with the Trust.
The Chief Financial Officer shall take the action necessary to implement the ABLE Program Trust, promulgate regulations, and enter into ABLE Account Savings Agreements.
Annotations
Frequently Asked Questions About District Of Columbia § 47-4902
What does D.C. Code § 47-4902 cover?
Section 47-4902 ("ABLE Program Trust.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 47-4902?
A common citation format is "D.C. Code § 47-4902" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 47-4902 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.