JEFFERSON CITY—The Missouri Senate today gave final approval to Senate Bill 174, legislation sponsored by Sen. Eric Schmitt, R-Glendale, to create the “Missouri Achieving a Better Life Experience Program,” which would allow parents and families of individuals living with a disability to cover their child’s future education, housing, transportation or related expenses in a tax-free savings account.
Senate Bill 174 establishes the Missouri Achieving a Better Life Experience (ABLE) program. Under the bill, a person may make tax-deductible contributions to an account established for the purpose of financing the qualified disability expenses of a beneficiary. Participants may deduct up to $8,000 per participant ($16,000 if married filing jointly) from their adjusted gross income.
“Most individuals living with a disability will require some sort of care for the rest of their lives, and those services can come at a high cost,” said Sen. Schmitt. “By establishing the ABLE program, we can give those citizens and their families a financially-sound way to plan ahead so that they have peace of mind in knowing those funds are there to help with their long-term needs. I was proud to see my colleagues recognize how important this legislation is to Missourians living with disabilities and their loved ones.”
Senator Schmitt has been a long-time advocate for individuals with disabilities, from his landmark legislation requiring insurance companies to cover autism treatment costs to modernizing the way the state refers to individuals with disabilities in statutory language. Senate Bill 174 is his latest effort to improve the lives of all disabled Missourians.
The measure now moves to the House of Representatives for consideration.
To track the progress of Senate Bill 174, or any other measures filed by Sen. Schmitt, visit his official Senate website at www.senate.mo.gov/schmitt. |
