4881. (Added by Stats. 2015, Ch. 796, Sec. 2.)
(a)The board shall provide an annual listing of…#
(a) The board shall provide an annual listing of distributions to individuals with respect to an interest in an ABLE account to the Franchise Tax Board at a time and in a manner and form as specified by the Franchise Tax Board. The taxpayers’ identification numbers obtained in connection with an ABLE account shall be used exclusively for state and federal tax administration purposes.
(b)The board shall make a report to the appropriate…#
(b) The board shall make a report to the appropriate individual of any distribution to any individual with respect to an interest in an ABLE account, at a time and in a form and manner as required by the Franchise Tax Board.
(c)The board shall report annually to each designated…#
(c) The board shall report annually to each designated beneficiary all of the following:
(1) The value of the designated beneficiary’s account.
(2) The interest earned thereon.
(3) The rate of return of the investments in the designated beneficiary’s account for that reporting period.
(4) Information on investments and qualified disability expenses that designated beneficiaries can use to set savings goals and contribution amounts.