State Treasurer Eric Schmitt announces launch of new statewide coalition to promote disability savings in Missouri
Monday, June 26, 2017
State Treasurer Eric Schmitt today announced the launch of a new statewide coalition to promote disability savings in Missouri through the MO ABLE
The MO ABLE Disability Savings Coalition formed by Treasurer Schmitt will work raise awareness about the new, tax-free way to save for disability expenses without losing access to certain benefits.
Schmitt, whose son Stephen faces the challenges of several profound disabilities, was joined by fellow advocates from the disability community for the announcement at the Arc of the Ozarks
in Springfield. Roundtable participants shared firsthand accounts of the ways MO ABLE can make a life-changing difference for Missouri families.
“MO ABLE is all about empowering individuals to save and strengthening Missouri families,” Schmitt said. “The MO ABLE Disability Savings Coalition we launched today is comprised of disability advocates, community leaders, and parents who will help us spread the word about this important new program to every corner of the state.”
A few of the organizations partnering with Treasurer Schmitt include:
Governor’s’ Council on Disability
University of Missouri Extension Program
Missouri Commission for Deaf and Hard of Hearing
Down Syndrome Associations of St. Louis and Kansas City
The Arc of the Ozarks
Dozens of regional resource centers and non-profits
MO ABLE functions 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. State-based ABLE programs are made possible by the federal Achieving a Better Life Experience Act of 2014. Earnings in ABLE Accounts are not subject to federal income tax, so long as funds are spent on qualified disability expenses.
Eligible individuals can learn more and sign up for an account at www.moable.com
. An initial contribution of at least $50 is required in order to set up an account.