Des Moines, IA-- Iowa Governor Terry Branstad has signed Senate File 505, legislation that creates an Iowa ABLE Savings Plan Trust and allows families to set up tax-exempt 529A savings accounts for disability-related expenses.
The federal ABLE Act, enacted in December of 2014, amended federal law to disregard ABLE account funds for means-tested federal programs such as SSI and Medicaid, which cap (usually at $2,000) the amount an individual with a disability may save. The savings accounts are managed on the state level and require state implementation.
“We are thrilled that Governor Terry Branstad has signed ABLE into law and incredibly grateful to Senators Amanda Ragan, Joe Bolkcom, Bob Dvorsky, and David Johnson, as well as Representatives Dave Heaton and Lisa Heddens, for their leadership in making this important financial tool available for families to invest in the financial futures of their loved ones with autism,” said Stuart Spielman, counsel and senior policy advisor at Autism Speaks.
ABLE laws have also been enacted in Alabama, Arkansas, Colorado, Connecticut, Delaware, Florida, Kansas, Louisiana, Hawaii, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and West Virginia.
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