2014 – The ABLE ACT (Federal and Kentucky)
Achieving a Better Life Experience Act of 2014 or the ABLE Act of 2014 – Create accounts to help individuals and families finance disability needs.
The ABLE Act is built on the foundation of the current 529 education savings plans that help families save for college. In the case of ABLE, families now have a tax‐deferred savings vehicle to save for the care of people with disabilities. The National Disability Institute estimates there are 58 million individuals with disabilities in the United States. Many of these individuals will qualify for ABLE accounts.
2015 – SB 179 (The Kentucky ABLE ACT) was signed into law by Kentucky Governor Bevin on April 5, 2016
In December 2016, the Office of Kentucky State Treasurer Allison Ball began offering State Treasurer ABLE accounts in Kentucky, or STABLE Kentucky accounts. The initiative is a partnership with Ohio’s STABLE Accounts, an initiative launched by Ohio Treasurer Josh Mandel in the summer of 2016.
Achieving A Better Life Experience (ABLE) Act
Division B of Public Law 113-295
The Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE) Act was signed into law on December 19, 2014. The law allows eligible individuals with disabilities the ability to establish “ABLE accounts” for qualified beneficiaries that resemble the qualified tuition programs, often called “529 accounts”, that have been established under that section of the tax code since 1996. The new ABLE accounts will allow more individual choice and control over spending on qualified disability expenses and limited investment decisions, while protecting eligibility for Medicaid, Supplemental Security
See this helpful fact sheet compiled by The National Arc.