Senate Bill 174, also known as the “Missouri Achieving a Better Life Experience Program (ABLE)” program, aims to help families caring for individuals with disabilities by allowing them to set up a tax-free savings account that can be used for purposes of spending for treatments and other expenses related to the individuals’ disabilities.
According to Gov. Nixon: “Helping children with disabilities is not a partisan issue, it’s a human issue.”
He further adds that the ABLE program will allow people with disabilities to save money in a special, tax exempt savings account, therefore ensuring a better quality of life.
Senator Eric Schmitt, the author of the bill, said that many individuals living with a disability will need care for the rest of their lives and that the cost of these services can be extremely high.
“By establishing the ABLE program, we can give those citizens and their families a financially-sound way to plan ahead so they have peace of mind in knowing those funds are there to help with their long-term needs.”
Under the SB 174, individual accounts set up for this specific purpose may accrue up to a maximum of $325,000, and each account may receive a maximum amount equivalent to the annual federal gift tax amount yearly, which is currently set to $14,000.
Source: Rachael Herndon: The Missouri Times:Missouri legislators continue autism successes with bill signature