Albany, NY−Governor Andrew Cuomo has signed ABLE legislation that will allow families the opportunity to set up tax-free 529A savings accounts for disability-related expenses. The New York State Assembly and Senate passed the legislation in June.
The bill follows upon enactment by the federal government of the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014. Modeled after college savings accounts, ABLE accounts will enable people with autism and their families to save for housing, education, transportation, medical and other expenses if related to their disability. Assets in ABLE accounts will be exempt from a $2,000 cap on conventional savings accounts; exceeding that cap voids eligibility for Medicaid and Supplemental Security Income (SSI) benefits.
“We are grateful for Governor Cuomo’s support for ABLE in New York. New York families will have access to an important new financial tool for their loved ones with disabilities,” said Stuart Spielman, senior policy advisor and counsel at Autism Speaks. “This victory would not have been possible without the dedication of our grassroots network across the state and the leadership of Senator David Carlucci and Assemblymember Aileen Gunther.”
ABLE laws have now been enacted in the District of Columbia and the following 32 states: Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Iowa, Kansas, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New York, North Carolina, North Dakota, Ohio, Oregon, Rhode Island, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia and Wisconsin.
Read more: A year of ABLE momentum