Wednesday evening the West Virginia House of Representatives passed ABLE legislation to allow families the opportunity to set up tax-exempt 529 savings accounts for disability-related expenses.
The accounts were made possible by the Achieving a Better Life Experience (ABLE) Act, which was enacted federally in December of 2014 with bipartisan support. Now states, which manage Section 529 programs, must enact ABLE on the state level.
HB 292 was sponsored by Rep. Denise Campbell (D-Randolph) and will now be considered by the Senate.
“We are incredibly grateful for Rep. Campbell for championing ABLE legislation in West Virginia and we look forward to the opportunity to meet with Senators from across the state to tell them how important HB 292 is to our families,” said Stuart Spielman, Senior Policy Advisor and Counsel at Autism Speaks.
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 the cap voids eligibility for Medicaid and Supplemental Security Income (SSI) benefits.