NY S08101

Amends the definition of "NY ABLE account" to reference section 529A of the Internal Revenue Code instead of state law provisions.

Changes "account owner" requirement from "may" to "must" be the designated beneficiary of the account.

Removes reference to "families" in the NY ABLE account plan, limiting eligibility to individual eligible persons with disabilities.

Restricts beneficiary changes to only those permitted under section 529A of the Internal Revenue Code.

Repeals paragraphs 42 and 43 of section 612 of the tax law relating to NY ABLE accounts.