12I.8 Tax considerations.
1. For federal income tax purposes, the Iowa ABLE savings plan trust shall be considered a qualified ABLE program exempt from taxation pursuant to section 529A of the Internal Revenue Code and shall be operated so that it meets the requirements of section 529A of the Internal Revenue Code.
2. State income tax treatment of the Iowa ABLE savings plan trust shall be as provided in section 422.7, subsections 34 and 34A.
3. State inheritance tax treatment of interests in Iowa ABLE savings plans shall be as provided in section 450.4, subsection 9.
2015 Acts, ch 137, §83, 162, 163
Structure Iowa Code
Title I - STATE SOVEREIGNTY AND MANAGEMENT
Chapter 12I - DISABILITIES EXPENSES SAVINGS PLAN TRUST
Section 12I.1 - Purpose and definitions.
Section 12I.2 - Creation of Iowa ABLE savings plan trust.
Section 12I.3 - Participation agreements for trust.
Section 12I.4 - Program and administrative funds — investment and payment.
Section 12I.5 - Cancellation of agreements.
Section 12I.7 - Reports — annual audited financial report — reports under federal law.
Section 12I.8 - Tax considerations.
Section 12I.9 - Property rights to assets in trust.
Section 12I.10 - Implementation as a contracting state — tax considerations.