Treasurer Schmitt announces MO ABLE program launch date
Monday, April 3, 2017
State Treasurer Eric Schmitt today announced during a speech at the Missouri Assistive Technology Council’s annual conference that MO ABLE will officially launch on April 24, 2017. The program, which is made possible by the federal Achieving a Better Life Experience Act, allows individuals with disabilities or their families to create tax-advantaged savings accounts for expenses related to disabilities and special needs.
“Our goal is to make Missouri’s ABLE program the best in the nation,” said Schmitt. “The security and independence this can give to individuals living with disabilities cannot be overstated.”
Video of Treasurer Schmitt’s announcement is available here: http://bit.ly/2oBX91G.
MO ABLE accounts will function similarly to Missouri’s MOST 529 College Savings Plan. Missourians who contribute to MO ABLE accounts will be eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. Earnings in ABLE Accounts are not subject to federal income tax, so long as funds are spent on qualified disability expenses.
Those interested in receiving the latest updates about MO ABLE can follow the program on Facebook and Twitter.