JEFFERSON CITY— Legislation filed by Sen. Eric Schmitt, R-Glendale, has been truly agreed to and finally passed by lawmakers, and now goes to the governor’s desk for his action. Senate Bill 174, known as the MO Able Act, will allow families with individuals or children with disabilities to cover their child’s future education, housing, transportation or related expenses in a tax-free savings account.
“Many individuals and children living with a disability who are under the care of a parent or guardian will need some form of support for the rest of their lives,” said Sen. Schmitt. “The savings program we are proposing would help families save for the expected and unexpected necessities that will help those with special needs achieve their fullest potential.”
The bill 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 $14,000 from their adjusted gross income.
Individuals who are eligible to participate in the MO ABLE program include those who are certified as disabled or blind under the Social Security Act. Families with a child living with a disability will be able to save for their children’s future and provide financial security for their future.
“Enactment of ABLE in Missouri with the leadership of Sen. Eric Schmitt is an enormous victory for families and people with disabilities in Missouri,” said Bill Bolster, President of the St. Louis Chapter of Autism Speaks. “Now, Missouri families with disabilities can save and invest in the future of their loved ones. Like health insurance coverage for people on the autism spectrum, passage of ABLE is another example of Sen. Schmitt’s consistent and caring advocacy for Missourians with disabilities. Sen. Schmitt’s efforts in this area will benefit families for generations to come. I applaud Sen. Schmitt for his work on behalf of Missourians with disabilities.”
If the bill is signed into law, the provisions would go into effect on Aug. 28, 2015, making Missouri one of the first states in the nation to pass such legislation. |
