New York – State Senator Simcha Felder and the New York State Legislature passed the Achieving a Better Life Experience Act (“ABLE Act”) legislation (S4472D/A7767B) that will allow families the opportunity to set up tax-free 529A savings accounts for disability-related expenses. Newly elected Senate Majority Leader John Flanagan was instrumental in ensuring the measure’s success in the New York State Senate.
“The ABLE Act’s passage in New York represents a significant step toward enabling disabled individuals to get ahead in life,” said Senator Felder, who has championed several bills in the Senate to improve the quality of life for special needs families. “This legislation encourages families to save their money for necessary expenses related to supporting family members with disabilities. It helps disabled individuals achieve a level of independence and a greater quality of life.”
“I am thankful to Majority Leader Flanagan for his continued dedication to the special needs community,” continued Senator Felder. “I am hopeful that Governor Cuomo will quickly sign the bill so that families in the disability community will be able to benefit from this powerful tool in order to plan for the financial futures of their loved ones.”
The bill follows upon enactment by the federal government of the Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014. Modeled after college savings accounts, ABLE accounts will enable people with disabilities and their families to save for housing, education, transportation, medical and other expenses if related to their disability. Assets in ABLE accounts will be exempt from a $2,000 cap on conventional savings accounts.
“Passing this bill is one more step toward giving disabled individuals and their families the help they deserve,” said Senator Felder. “I will continue to advocate for this valuable segment of our community, and do everything possible to improve their quality of life.”