Iowa Code Title I. State Sovereignty and Management [Chs. 1-38D] § 12I.1. Purpose and definitions

a. “Account balance limit” means the maximum allowable aggregate balance of an account established for a designated beneficiary. Account earnings, if any, are included in the account balance limit.

b. “Account owner” means an individual who is the designated beneficiary under a participation agreement under this chapter for the payment of qualified disability expenses on behalf of the designated beneficiary.

c. “Contracting state” means the same as defined in section 529A of the Internal Revenue Code.  1

d. “Designated beneficiary” means an individual who is a resident of this state or a resident of a contracting state and who meets the definition of “eligible individual” in section 529A of the Internal Revenue Code.

e. “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder.

f. “Iowa ABLE savings plan trust” or “trust” means the trust created under section 12I.2.

g. “Participation agreement” means an agreement establishing an account with the trust.

h. “Qualified ABLE program” means the same as defined in section 529A of the Internal Revenue Code.

i. “Qualified disability expenses” means the same as defined in section 529A of the Internal Revenue Code.

j. “Resident” shall be defined by rules adopted by the treasurer of state. The rules shall determine residency in such manner as may be required or permitted under section 529A of the Internal Revenue Code, or, in the absence of any guidance under federal law, as the treasurer of state deems advisable for the purpose of satisfying the requirements of section 529A of the Internal Revenue Code.