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Senate Enrolled Act 11 (The ABLE Act) Summary
The ABLE Act was created to give individuals with disabilities and their families the opportunity to save for the future without limiting access to critical income, healthcare, food or housing assistance programs. Currently, eligibility for these important programs requires individuals to meet certain requirements- including reporting no more than $2,000 in cash savings, retirement funds, or other items of significant value each month.
In response to the current financial eligibility requirements, which greatly limit the amount of savings to be amassed by disabled individuals and their families, the Indiana General Assembly passed Senate Enrolled Act 11 (The ABLE Act) which adopted federal legislation to allow states to create tax-free savings accounts for disability-related expenses which can exceed the restrictive $2,000 limitation.
With appropriations from the Indiana General Assembly, we hope to have the program up and running by the Fall of 2017.