{"data":{"id":"us-nm/6-8a-2","jurisdiction":"us-nm","citation":"6-8A-2","heading":"Definitions.","body":"As used in the Accounts for Persons with Disabilities Act:\nA. \"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;\nB. \"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:\n(1) the designated beneficiary of the account;\n(2) the parent, guardian or conservator of a minor designated beneficiary; or\n(3) the conservator of a designated beneficiary otherwise incapable of handling such beneficiary's financial affairs;\nC. \"designated beneficiary\" means a person for whom an account is established under the Accounts for Persons with Disabilities Act;\nD. \"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;\nE. \"eligible person\" means, for a taxable year, a person who is either:\n(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\n(2) the subject of a disability certification filed with the United States secretary of the treasury;\nF. \"family member\" means a sibling, whether by blood or adoption, including a brother, sister, stepbrother, stepsister, half-brother or half-sister;\nG. \"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;\nH. \"financial organization\" means an organization that is authorized to do business in New Mexico and is:\n(1) licensed or chartered by the office of superintendent of insurance;\n(2) licensed or chartered by the financial institutions division of the regulation and licensing department; or\n(3) subject to the jurisdiction of the federal securities and exchange commission;\nI. \"office\" means the office of the state treasurer;\nJ. \"qualified disability expenses\" means any expenses, related to the designated beneficiary's blindness or disability, that include the following:\n(1) education;\n(2) housing;\n(3) transportation;\n(4) employment training and support;\n(5) assistive technology and personal support services;\n(6) health, prevention and wellness;\n(7) financial management and administrative services;\n(8) legal fees;\n(9) expenses for oversight and monitoring;\n(10) funeral and burial expenses; and\n(11) other expenses approved by the United States secretary of the treasury; and\nK. \"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.","path":["Chapter 6 - Public Finances","ARTICLE 8A Accounts for Persons with Disabilities"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18506/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"54f132d8079b1ac811b1047e3492bd670682b3b9099ac41701613c4e80fc7e37","source_id":"us-nm","stale":false,"prev":"us-nm/6-8a-1","next":"us-nm/6-8a-3"},"notice":"GroundRules: Original legal text. Not legal advice."}