Rep. Retherford Votes To Help People With Disabilities Meet Financial Needs
ABLE program allows disabled Ohioans to create tax-advantaged savings accounts
 
 
COLUMBUS - 

State Representative Wes Retherford (R-Hamilton) applauded today’s House passage of legislation that allows the family members or guardians of Ohioans with disabilities to create their own tax-advantaged savings accounts.


House Bill 155 establishes the “Achieve a Better Living Experience” (ABLE) program in Ohio, which makes it easier for individuals and families to provide financial assistance to disabled persons, helping them to sustain a healthy, independent lifestyle.


“With this bill, the Ohio House took an important step in ensuring those with disabilities can live fulfilled lives,” Retherford said. “The Ohio ABLE Act will ensure those individuals will be able to earn, save and invest their own money without fear of losing any benefits they are eligible for. I was proud to support this legislation, which will help them be as independent as they wish to be. We should never punish hard work and success.”


Modeled after federally authorized 529 education plans, the ABLE program helps eligible beneficiaries who meet certain disability requirements established by federal law. For those who are eligible, the accounts will not affect eligibility for Supplemental Security Income (SSI), Medicaid or other public benefits, until the account reaches $100,000. The legislation explains further that an ABLE account will, with private savings, secure funding for disability-related expenses on behalf of designated beneficiaries.


The program will be administered through the State Treasurer’s office, including actions such as seeking rulings from the IRS, developing necessary rules and forms, and establishing procedures for paying administrative costs.


Having passed the House with unanimous support, HB 155 now goes to the Ohio Senate for further consideration.

 
 
 
  
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