Gov. Nixon signs legislation authorizing Missouri ABLE saving accounts for Missourians with disabilities
Missouri ‘Achieving a Better Life Experience’ accounts allow families to save money to assist with the care of Missourians with disabilities
Jefferson City, MO Gov. Jay Nixon today signed Senate Bill 174 creating the Missouri Achieving a Better Life Experience (Missouri ABLE) program. The Missouri ABLE program allows a person with disabilities, or their family, to open a tax-exempt savings account for the purpose of paying expenses related to the disability.
“Helping children with disabilities is not a partisan issue, it’s a human issue. It is about the right of all children to realize their God-given potential,” Gov. Nixon said. “The Missouri ABLE program will allow people with disabilities and their families to save money in a special, tax exempt savings account so that they can provide for their basic necessities, and maintain a better quality of life. It’s a common sense, compassionate piece of legislation and I am proud to sign it into law.”
The Missouri ABLE program also allows anyone to make a tax-deductible contribution of up to $8,000 for an individual or $16,000 for married couples to another person’s Missouri ABLE account.
“Missourians are a generous people, with big hearts and a strong sense of community,” Gov. Nixon said. “This legislation supports these values and I greatly appreciate the work of the General Assembly, especially Senator Schmitt and Speaker Richardson, in getting it to my desk.
Missourians with disabilities are eligible to open a Missouri ABLE account if they are also entitled to benefits based on disability or blindness under the Social Security Act, if such blindness or disability occurred prior to turning 26.
The money saved within a Missouri ABLE account is exempt from asset consideration when determining Medicaid or other benefit eligibility.
Senate Bill 174 also authorizes the Missouri State Treasurer’s Office and the newly created Missouri ABLE Board to administer the ABLE program. The Missouri State Treasurer’s Office will promulgate rules for the creation of Missouri ABLE accounts. After the adoption of these rules, Missourians can begin establishing Missouri ABLE accounts.
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