Section 11-5-460 - Palmetto ABLE Savings Program Trust Fund established; Palmetto ABLE Savings Expense Fund established(A) The Palmetto ABLE Savings Program Trust Fund is established in the Office of the State Treasurer. The trust fund must be utilized if the State Treasurer elects to accept deposits from contributors rather than have deposits sent directly to the program manager. The trust fund must consist of any monies deposited by account owners and other contributors pursuant to the provisions of this article which are not deposited directly with the program manager. All interest derived from the deposit and investment of monies in the trust fund must be credited to the fund. At the end of each fiscal year, all unexpended and unencumbered monies in the trust fund must remain in the fund and not be credited or transferred to the state general fund or to another fund.(B)(1) The Palmetto ABLE Savings Expense Fund is established in the Office of the State Treasurer. The expense fund must consist of monies received from the Palmetto ABLE Savings Program manager or managers, governmental or private grants, and state general fund appropriations, if any, for the program.(2) All expenses incurred by the State Treasurer in developing and administering the Palmetto ABLE Savings Program must be payable from the Palmetto ABLE Savings Expense Fund.Amended by 2019 S.C. Acts, Act No. 88 (HB 3986),s 1, eff. 5/24/2019.Added by 2016 S.C. Acts, Act No. 165 (HB 3768), s 1, eff. 4/29/2016. 2016 Act No. 165, Section 4, provides as follows:
"SECTION 4. This act takes effect upon approval by the Governor and applies for tax years beginning after 2015."