Tax Policy: ABLE Age Adjustment Act Reintroduced in House

On March 18, Representatives Tony Cardenas (D-CA), Cathy McMorris Rodgers (R-WA), Steve Cohen (D-TN), Brian Fitzpatrick (R-PA), Michael Turner (R-OH), Max Rose (D-NY), and Debbie Wasserman Schultz (D-FL) reintroduced the ABLE Age Adjustment Act (H.R.1814). This bill amends the Stephen J. Beck, Jr. Achieving a Better Life Experience (ABLE) Act to increase the maximum age of onset limit from before 26 to before 46. Its companion bill, S.651, was introduced in the Senate on March 5. The Arc supports the ABLE Age Adjustment Act.

Tax Policy: ABLE Age Adjustment Act Reintroduced

On March 5, Senators Bob Casey (D-PA), Jerry Moran (R-KS), Chris Van Hollen (D-MD), and Pat Roberts (R-KS) reintroduced the ABLE Age Adjustment Act (S.651). This bill amends the Stephen J. Beck, Jr. Achieving a Better Life Experience (ABLE) Act to increase the maximum age of onset limit from before 26 to before 46. The Arc supports the ABLE Age Adjustment Act.

Tax: California Opens Qualified ABLE Program

In December, California opened a new Achieving a Better Life Experience (ABLE) program, bringing the total number of jurisdictions with ABLE programs to 42. The program is open to all eligible individuals nationwide. It has three investment options and a savings option. The program has an annual maintenance fee of $37 and an additional $10 annual fee for those selecting paper statements. Asset-based fees for investments options range from 0.52% to 0.54%. More information about state implementation of the ABLE Act can be found here.

Tax Policy – Arkansas Opens Qualified ABLE Program

Arkansas recently opened a new Achieving a Better Life Experience (ABLE) program, bringing the total number of jurisdictions with ABLE programs to 41. The program is open to all eligible individuals nationwide. It has three investment options and a cash option. The program has a quarterly maintenance fee of $15 with a $3.75 discount for opting to receive statements via email, and monthly asset-based fees ranging from 0.34% to 0.38% depending on the investment option chosen. There is an additional $1.25 discount for Arkansas residents. More information about state implementation of the ABLE Act can be found here.

Tax Policy – Washington Opens Qualified ABLE Programs

On July 23, the State of Washington opened a new Achieving a Better Life Experience (ABLE) program, bringing the total number of jurisdictions with ABLE programs to 40. The program is currently only open to Washington residents. It has three investments options and a cash option. Accounts have a $35 annual fee with an additional $10 fee for those who receive paper statements, and asset-based fees ranging from 0.30% to 0.38% for investment options. More information about state implementation of the ABLE Act can be found here.

Tax Policy – Delaware, New Jersey Open Qualified ABLE Programs

Last month, Delaware and New Jersey opened new Achieving a Better Life Experience (ABLE) programs. There are now a total of 39 jurisdictions with qualified ABLE programs. Both programs are open to all eligible individuals nationwide. Both have six investment options and a checking option with a debit card. Their minimum initial deposit is $25. The programs have a quarterly maintenance fee of $15 with a $3.75 discount for opting to receive statements via email, and monthly asset-based fees ranging from 0.34% to 0.38% depending on the investment option chosen. Delaware’s program has an additional $1.25 quarterly discount for state residents. More information about state implementation of the ABLE Act can be found here.

Tax Policy – Oklahoma Opens Qualified ABLE Program

Oklahoma recently opened a new ABLE program, bringing the total number of jurisdictions with ABLE programs to 37. The program is currently only open to Oklahoma residents. It has five investment options. Accounts have a $3.50 monthly maintenance fee and asset-based fees ranging from 0.19% to 0.33% for investment options. The minimum initial deposit is $50. More information about state implementation of the ABLE Act can be found here.

Tax Policy – Texas Opens Qualified ABLE Program

Texas recently opened a new ABLE program, bringing the total number of jurisdictions with ABLE programs to 36. The program is currently only open to Texas residents. It has four investment options. Accounts have a $4 monthly maintenance fee and asset-based fees ranging from 0.25% to 0.39% for investment options. The minimum initial deposit is $50, and the minimum amount for subsequent deposits is $25. More information about state implementation of the ABLE Act can be found here. General information about ABLE programs can be found in the National Policy Matters: ABLE Accounts for People with Disabilities here.

Tax – Arizona, Wyoming Open Qualified ABLE Programs

Arizona and Wyoming recently opened new ABLE programs, bringing the total number of jurisdictions with ABLE programs to 35. These programs are currently open only to state residents. They have five investment options. The accounts have a $3.50 monthly fee and asset-based fees ranging from 0.19% to 0.34% for investment options. The minimum initial deposit is $50. More information about state implementation of the ABLE Act can be found here. General information about ABLE programs can be found in the National Policy Matters: ABLE Accounts for People with Disabilities here.

Tax – Webinar on 2018 ABLE Act Changes

The ABLE National Resource Center (ANRC) will host a free webinar on changes to the ABLE Act taking place in 2018, including an increased contribution limit, the ability to roll over funds from 529 College Savings Accounts, allowing additional contributions by employed beneficiaries, and access to the Saver’s Credit. Chris Rodriguez, Director, ANRC, will moderate the panel. Panelists include Michael Morris, Executive Director, National Disability Institute; Mary Morris, Chief Executive Officer, Virginia 529/ABLEnow; Stuart Spielman, Senior Policy Advisor, Autism Speaks; David Bell, Managing Director, Oregon ABLE Savings Plan; and J.J. Hanley, Director, Illinois ABLE. The webinar will take place on Thursday, January 25 from 2:00-3:30 pm EST. Register for the webinar here.