Lincoln, NE—The Nebraska legislature has overwhelmingly passed 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 legislation now heads to Governor Pete Ricketts for his signature.
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 in Nebraska by Senator Kate Bolz.
“The passage of ABLE programs is a major step forward for Nebraska families who deserve the chance to invest in the future of their loved ones with autism,” said Stuart Spielman, Senior Policy Advisor and Counsel at Autism Speaks. “We applaud Senator Kate Bolz on her leadership to pass this important legislation and we are hopeful that ABLE will be promptly signed by Governor Pete Ricketts.”
Nebraska joins the growing list of states to pass ABLE legislation. ABLE laws have been enacted in 14 states and, with Nebraska included, are awaiting action by the governor in 5 others.
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