Lincoln, NE— Governor Pete Ricketts has signed the Achieving a Better Life Experience (ABLE) Act, LB 591, to allow 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.
ABLE programs are managed on the state level and require state implementation. Legislation in Nebraska was sponsored by Senator Kate Bolz.
“I'm confident that ABLE accounts will give individuals with disabilities and their families tools to build a better, brighter future,” said Senator Bolz.
Nebraska joins the growing list of states to enact ABLE legislation. ABLE laws have already been enacted in 15 states and are awaiting action by the governor in 6 others.
“We are thrilled that Nebraskans affected by autism and other disabilities will soon have a new way to provide for their financial security,” said Stuart Spielman, Senior Policy Advisor and Counsel at Autism Speaks. We are grateful to Governor Pete Ricketts for signing this important legislation for Nebraska.”
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