Sec. 54.909. USE OF FUND ASSETS. The assets of the program may only be used to:
(1) make distributions to designated beneficiaries;
(2) pay the costs of program administration and operations;
(3) make refunds for cancellations, excess contributions, liquidation under Section 54.908(d), and death, in accordance with a computation method determined by the board;
(4) roll over funds to another ABLE account to the extent authorized by Section 529A, Internal Revenue Code; and
(5) make distributions to the state as authorized by Section 529A, Internal Revenue Code.
Added by Acts 2015, 84th Leg., R.S., Ch. 1213 (S.B. 1664), Sec. 2, eff. June 19, 2015.
Structure Texas Statutes
Subtitle A - Higher Education in General
Subchapter J. Texas Achieving a Better Life Experience (Able) Program
Section 54.901. Purposes of Program
Section 54.903. Creation of Program and Account; Administration
Section 54.904. Powers and Duties of Board
Section 54.9045. Collection of Fees
Section 54.905. Investment of Funds
Section 54.906. Treatment of Assets
Section 54.9065. Exclusion of Able Account Assets From Certain Benefit Eligibility Determinations
Section 54.907. Exemption From Securities Laws
Section 54.908. Participation Agreements
Section 54.9085. Encumbrance or Transfer of Account Prohibited
Section 54.909. Use of Fund Assets
Section 54.910. Designated Beneficiary
Section 54.911. Verification Under Oath
Section 54.914. Confidentiality of Records