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 under ternal 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 forty-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 jurisdiction r 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; andK. '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; 2024, ch. 17, § 1. ANNOTATIONSThe 2024 amendment, effective January 1, 2026, expanded the eligibility for an individual tax-free savings account for a . Section 529A. History: Laws 2016, ch. 40, § 2; 2024, ch. 17, § 1. ANNOTATIONSThe 2024 amendment, effective January 1, 2026, expanded the eligibility for an individual tax-free savings account for a designated beneficiary by revising the definition of 'eligible person'; and in Subsection E, Paragraph E(1), after 'attained age,' changed 'twenty-six' to 'forty-six'.
New Mexico Legal Code