Before financial institutions can begin offering ABLE accounts, the IRS must finalize its proposed administrative regulations, which are still pending. We expect that the IRS will finalize those regulations in the next few months.

Also, the State Treasurer’s office has told us that it will not begin offering ABLE accounts before 2017. However, a recent federal law, the PATH Act, amended the ABLE Act to permit eligible individuals to establish an ABLE account in the state of their choosing, so it may be possible for a customer to open an ABLE account before then.

For resources related to our guidance, please see:

• IRS Proposed ABLE Act Administrative Rules, 80 Fed. Reg. 35602 (June 22, 2015)

• IRS Webpage, ABLE Act (IRC Section 529A) (Noting that final regulations “will be issued later this year”)

• Path Act, Pub. L. 114-113, Div. Q, § 303(a) (Eliminating the requirement that an ABLE account beneficiary may establish an ABLE account only in the state of his or her residency)