Texas Education Code

§ 54.909 — USE OF FUND ASSETS

ED § 54.909Title 3. HIGHER EDUCATION · Part A. HIGHER EDUCATION IN GENERAL · Ch. 54. TUITION AND FEES · Art. J. TEXAS ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) PROGRAM

Statute text

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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.

Legislative history

Added by Acts 2015, 84th Leg., R.S., Ch. 1213 (S.B. 1664), Sec. 2, eff. June 19, 2015.