RI—Rhode Island Governor Gina Raimondo has signed House Bill Number 5564 Substitute A, legislation that 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. The savings accounts are managed on the state level and require state implementation.
“We are thrilled that Governor Gina Raimando has signed ABLE,” said Stuart Spielman, Senior Policy Advisor and Counsel at Autism Speaks. “This victory would not have been possible without our many legislative champions and the united grassroots effort to communicate the need for families to have the tools to plan for the financial future of a loved one with a disability.”
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, Wisconsin and West Virginia.
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