By Jasmine Otam
TheStatehouseFile.com
INDIANAPOLIS — Hoosiers with disabilities will have more financial security with a bill signed into law Monday.
Gov. Mike Pence signed the Indiana Achieving a Better Life Experience, or ABLE, Act, which is being established under the federal ABLE Act.
“Hoosiers with disabilities face enormous financial hurdles and planning for the future becomes a daunting task,” Pence said in a statement. “Today as we sign the ABLE Act into law, we open a financial door for individuals with disabilities and empower them to save in a way that enables them to experience life to its fullest.”
The ABLE Act allows people with disabilities to set up tax-free savings accounts that do not impact the public assistance they currently receive.
The money in these savings accounts can be used to pay for medical and dental care, education, employment training, housing and transportation.
The ABLE accounts, established under this law, would have a maximum annual limit of $14,000 and a total account limit of $100,000. The money in these accounts would not be subject to the maximum $2,000 personal assets test used to determine who receives public assistance.
“His signature on this legislation today is just but one piece of the work that he’s championed as our governor on behalf of Hoosiers with disabilities and their loved one,” said State Treasurer Kelly Mitchell, whose office will administer the ABLE program.
The new law will take effect on July 1, and leaders, like those at The Arc of Indiana, an organization that works to advocate and serve people with intellectual and developmental disabilities, couldn’t be happier.
“The Arc of Indiana appreciates the leadership of Treasurer Mitchell on this landmark piece of legislation,” said Kim Dodson, executive director for The Arc of Indiana. “People with disabilities will now have a new tool to save money to help them gain independence and have a new outlook on life. This is a great day for people with disabilities and their families.”
Jasmine Otam is a reporter for TheStatehouseFile.com, a news website powered by Franklin College journalism students.
