§ 6-8a-2

As used in the Accounts for Persons with Disabilities Act: A. 'account' means an individual tax-free savings account for a designated beneficiary that is established pursuant to Section 529A of the Internal Revenue Code of 1986, as amended; B. 'account owner' means a person who establishes and owns an account under the Accounts for Persons with Disabilities Act and who is one of the following: (1) the designated beneficiary of the account; (2) the parent, guardian or conservator of a minor designated beneficiary; or (3) the conservator of a designated beneficiary otherwise incapable of handling such beneficiary's financial affairs; C. 'designated beneficiary' means a person for whom an account is established under the Accounts for Persons with Disabilities Act; D. 'disability certification' means a certification deemed sufficient by the United States secretary of the treasury to establish a certain level of physical or mental impairment that meets the requirements of Section 529A of the Internal Revenue Code of 1986, as amended; E. 'eligible person' means, for a taxable year, a person who is either: (1) entitled during that taxable year to benefits based on blindness or disability

e Internal Revenue Code of 1986, as amended; E. 'eligible person' means, for a taxable year, a person who is either: (1) entitled during that taxable year to benefits based on blindness or disability under Title 2 or Title 16 of the federal Social Security Act; provided that such blindness or disability occurred before the date on which the individual attained age twenty-six; or (2) the subject of a disability certification filed with the United States secretary of the treasury; F. 'family member' means a sibling, whether by blood or adoption, including a brother, sister, stepbrother, stepsister, half-brother or half-sister; G. 'fiduciary' means a person authorized to do business in New Mexico and acting as a fiduciary to manage and invest an account; provided that such person is bonded and is not the parent, guardian or conservator of the designated beneficiary of the account; H. 'financial organization' means an organization that is authorized to do business in New Mexico and is: (1) licensed or chartered by the office of superintendent of insurance; (2) licensed or chartered by the financial institutions division of the regulation and licensing department; or (3) subject to the

licensed or chartered by the office of superintendent of insurance; (2) licensed or chartered by the financial institutions division of the regulation and licensing department; or (3) subject to the jurisdiction of the federal securities and exchange commission; I. 'office' means the office of the state treasurer; J. 'qualified disability expenses' means any expenses, related to the designated beneficiary's blindness or disability, that include the following: (1) education; (2) housing; (3) transportation; (4) employment training and support; (5) assistive technology and personal support services; (6) health, prevention and wellness; (7) financial management and administrative services; (8) legal fees; (9) expenses for oversight and monitoring; (10) funeral and burial expenses; and (11) other expenses approved by the United States secretary of the treasury; and K. 'qualified program' means a program established and maintained by the state or an agency or instrumentality of the state pursuant to 26 U.S.C. Section 529A. History: Laws 2016, ch. 40, § 2. ANNOTATIONSEmergency clauses. — Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016.

of the state pursuant to 26 U.S.C. Section 529A. History: Laws 2016, ch. 40, § 2. ANNOTATIONSEmergency clauses. — Laws 2016, ch. 40, § 11 contained an emergency clause and was approved March 3, 2016. Applicability. — Laws 2016, ch. 40, § 10 provided that the provisions of Laws 2016, ch. 40 apply to taxable years beginning on or after January 1, 2016.