Louisiana Administrative Code › Title 28 - EDUCATION › Part VI - Student Financial Assistance-Higher Education Savings › Chapter 5 - Achieving a Better Life Experience (ABLE) › Section VI-507 - Applicable Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Words
				and terms not otherwise defined in these rules shall have the meanings ascribed
				to such words and terms in this Section. Where the masculine is used in these
				rules, it includes the feminine, and vice versa; where the singular is used, it
				includes the plural, and vice versa.
Account Owner-the
eligible individual who
				  opened the account, or the eligible individual on whose behalf the account was
				  opened, and who is also the beneficiary
Administrator-the
person who has the
				  authority to direct the activities of the account. The administrator of the
				  account may be the account owner or a person authorized by law or by authentic
				  act to administer the account on behalf of the beneficiary. For purposes of
				  these rules, the term administrator shall mean the account owner or a person
				  who is legally authorized to act on his behalf
Beneficiary-the
eligible individual who
				  established the ABLE account, or for whom an ABLE account was established, and
				  who is the owner of such account.
Current Value
-the value of an ABLE account
				  at a given point in time.
a. The
				current value of fixed earnings investment options includes the accumulated
				value of the principal deposited and earnings on deposits.
b. The current value of variable earnings
				investment options includes the number of units in the investment option
				purchased multiplied by the current value of each unit. This value may be more
				or less than the amount originally deposited.
Deposits
-the actual amount of money received
				  for deposit for investment in an ABLE account. Deposits do not include earnings
				  on deposits.
Eligible Individual-
an individual is an
				  eligible individual for a given tax year if one of the following is met:
a.
i.
				through December 31, 2025, the individual is entitled to benefits based on
				blindness or disability under title II or XVI of the Social Security Act, and
				such blindness or disability occurred before the date on which the individual
				attained age 26; or
ii. a disability
				certification with respect to such individual is filed with the secretary for
				such taxable year.
b.
i. beginning January 1, 2026, the individual
				is entitled to benefits based on blindness or disability under title II or XVI
				of the Social Security Act, and such blindness or disability occurred before
				the date on which the individual attained age 46; or
ii. a disability certification with respect
				to such individual is filed with the secretary for such taxable
				year.
False or Misleading Information
-a statement
				  or response made by a person which is knowingly false or misleading, and made
				  for the purpose of establishing a program account and/or receiving benefits to
				  which the person would not otherwise be entitled.
Fixed Earnings
-the placement of all deposits
				  in an ABLE account, including the interest earned thereon, in investments that
				  normally provide a fixed rate of return for a specific period of time.
Louisiana Board of Regents
-the agency of
				  state government responsible for administering the ABLE account program under
				  the direction of the Tuition Trust Authority.
Louisiana Resident
-
a. any person who resided in the state of
				Louisiana on the date of the application and who has manifested intent to
				remain in the state by establishing Louisiana as legal domicile, as
				demonstrated by compliance with all of the following:
i. if registered to vote, is registered to
				vote in Louisiana;
ii. if licensed
				to drive a motor vehicle, is in possession of a Louisiana driver's
				license;
iii. if owning a motor
				vehicle located within Louisiana, is in possession of a Louisiana registration
				for that vehicle;
iv. if earning an
				income, has complied with state income tax laws and
				regulations;
b. a member
				of the Armed Forces stationed outside of Louisiana who claims Louisiana on
				his/her official DD Form 2058 as his/her legal residence for tax purposes, and
				is in compliance with state income tax laws and regulations, shall be
				considered eligible for program participation;
c. a member of the Armed Forces stationed in
				Louisiana under permanent change of station orders shall be considered eligible
				for program participation;
d.
				persons less than 21 years of age are considered Louisiana residents if they
				reside with and are dependent upon one or more persons who meet the above
				requirements.
Louisiana Tuition Trust Authority
				  (LATTA)
-the statutory body responsible for the administration of the
				  ABLE Account Program.
Maximum Allowable Account
				  Balance
-500,000.
Member of Family
-an individual who is the
				  brother, sister, stepbrother, stepsister, half-brother, or half-sister to the
				  beneficiary, including an adopted brother, sister, stepbrother, stepsister,
				  half-brother, or half-sister.
Natural Person
-a human being.
Office of Student Financial Assistance
				  (LOSFA)
-a program under the Board of Regents, performs the functions
				  of the state relating to programs of financial assistance and certain
				  scholarship programs for higher education in accordance with directives of its
				  governing bodies and applicable law, and as such is responsible for
				  administering the ABLE account program as directed by LATTA and the Board of
				  Regents.
Other Person
-(with respect to any
				  designated beneficiary)-any person, other than the beneficiary, whether natural
				  or juridical, who is not a member of the family, including but not limited to
				  individuals, groups, trusts, estates, associations, organizations,
				  partnerships, corporations, and custodians under the Uniform Transfer to Minors
				  Act (UTMA).
Owner's Agreement
-the agreement for program
				  participation that the account owner or administrator completes and signs. It
				  incorporates, by reference,
				  R.S.
				  17:3081 et seq., and the rules promulgated by
				  the LATTA to implement this statutory provision and any other state or federal
				  laws applicable to the agreement and the terms and conditions as set forth
				  therein.
Person
-a human being or a juridical
				  entity.
Qualified Disability Expenses
				  (QDEs)
-expenses that relate to the blindness or disability of the
				  designated beneficiary in maintaining or improving his or her health,
				  independence, or quality of life. QDEs may, but need not, benefit only the
				  disabled individual. QDEs include, but are not limited to, expenses related to
				  the beneficiarys:
a.
				education;
b. housing;
c. transportation;
d. employment training and support;
e. assistive technology and related
				services;
f. personal support
				services;
g. health, prevention, and
				wellness;
h. financial management
				and administrative services;
i.
				legal fees;
j. expenses for
				oversight and monitoring;
k.
				funeral and burial expenses; and
l.
				other expenses which may be identified by the Internal Revenue Service.