PART 1. COMPTROLLER OF PUBLIC ACCOUNTS
CHAPTER 7. PREPAID HIGHER EDUCATION TUITION PROGRAM
SUBCHAPTER N. TEXAS ACHIEVING A BETTER LIFE EXPERIENCE (ABLE) PROGRAM
The Comptroller of Public Accounts adopts amendments to §7.181, concerning definitions, §7.182, concerning tax exempt status requirements and §7.187, concerning contributions, without changes to the proposed text as published in the February 10, 2023, issue of the Texas Register (48 TexReg 641). The rules will not be republished.
The amendments to §7.181 revise the definition of excess contribution in subsection (a)(13) to define it as any contribution that would cause the aggregate balance of an ABLE account to exceed the limit set by the board under Section 529(b)(6) of the Internal Revenue Code, or the aggregate contributions from all contributors in a taxable year to exceed the annual contribution limit set by the Internal Revenue Code.
The amendments to §7.182 clarify in paragraphs (3) and (4) that the board will monitor contributions during each taxable year to the ABLE account and the aggregate balance of an ABLE account to ensure that no excess contribution is made to an ABLE account.
The amendment to §7.187 provides in subsection (b)(3) that an excess contribution will not be accepted for an ABLE account.
The comptroller did not receive any comments regarding adoption of the amendments.
These amendments are adopted under Education Code, §54.904(a), which authorizes the Prepaid Higher Education Tuition Board in the Comptroller of Public Accounts to adopt rules to implement Education Code, Chapter 54, Subchapter J (Texas Achieving a Better Life Experience (ABLE) Program).
These amendments implement Education Code, Chapter 54, Subchapter J.
The agency certifies that legal counsel has reviewed the adoption and found it to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on June 2, 2023.
TRD-202302048
Victoria North
General Counsel for Fiscal and Agency Affairs
Comptroller of Public Accounts
Effective date: June 22, 2023
Proposal publication date: February 10, 2023
For further information, please call: (512) 475-2220