Indiana § 12-11-14-9 - Creation of ABLE authority; body corporate and politic; authority to establish qualified ABLE program; tax exemption; contracting; public agency

§ 12-11-14-9. Creation of ABLE authority; body corporate and politic; authority to establish qualified ABLE program; tax exemption; contracting; public agency

Sec. 9. (a) The achieving a better life experience (ABLE) authority is created. The authority is a body corporate and politic.

(b) The authority:

(1) is not an agency of the state; and

(2) is an instrumentality of the state performing essential governmental functions.

(c) The authority may establish a qualified ABLE program.

(d) Because the management and operation of a qualified ABLE program and all funds and ABLE accounts established under this chapter constitute the performance of an essential public function, the following are exempt from taxation by the state and by any political subdivision of the state:

(1) The authority's management and operations.

(2) The authority's property and assets.

(3) All property and assets held by or for the authority except individual ABLE accounts.

(4) The investment income and earnings (whether interest, gains, or dividends) on:

(A) the authority's property and assets; and

(B) all property and assets held by or for the authority;

including all funds and accounts established under this article except individual ABLE accounts.

(e) The authority may contract with public or private entities or persons for the provision of all or any portion of the services the board considers necessary for the management and operation of the authority, including the qualified ABLE program and all funds and accounts of the authority.

(f) The authority is a public agency for purposes of IC 5-14-1.5 and IC 5-14-3. However, the data, information, and records (including medical records) relating to designated beneficiaries of and individual contributors to an ABLE account, including any records that reveal personally identifiable information about such individuals, are confidential for purposes of IC 5-14-3-4(a), are excepted from IC 5-14-3, and may not be disclosed by the authority, unless access to the records is specifically required by a state or federal statute or is ordered by a court under the rules of discovery. The board is a governing body for purposes of IC 5-14-1.5.

As added by P.L.12-2016, SEC.8.