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ARTICLE · 22 JUNE 2015

IRS's Proposed Section 529A Regulations For ABLE Programs: A Mixed Bag

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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The regulations are detailed and this posting will not attempt to summarize them in their entirety. Rather, a few provisions of the proposed regulations are highlighted below, along with some initial reactions.

United StatesFinance and Banking
Leonard Weiser-Varon
Leonard Weiser-Varon
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The IRS today published, right on deadline, its proposed regulations relating to Section 529A state-sponsored "qualified ABLE programs," under which  tax-advantaged investment accounts may be established to fund future "qualified disability expenses" of eligible disabled individuals.

The regulations are detailed and this posting will not attempt to summarize them in their entirety. Rather, a few provisions of the proposed regulations are highlighted below, along with some initial reactions.

Applicability: The regulations are issued as proposed regulations, and therefore technically are not in effect. Comments are due within 90 days of the publication date in the Federal Register, and a public hearing on the regulations will be held on October 14, 2015. The preamble to the regulations indicates taxpayers and state programs can rely on the proposed regulations until final regulations are adopted. Somewhat perplexingly, the preamble also indicates that the final

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