THE BADGER HERALD: New legislation to expand tax-advantaged savings account access for Wisconsinites with disabilities
Recently, Governor Evers signed a bill ordering the state’s Department of Financial Institutions to set up an ABLE program for residents or join one of the existing multi-state consortiums. ABLE accounts allow people with disabilities to save money for disability related expenses without losing their benefits. They are tax-free accounts. The Achieving a Better Life Experience Act was passed in Congress and signed by former President Barack Obama in 2014, and was the first piece of legislation which recognized the extra costs of living with a disability, according to the ABLE National Resource Center. Though the ABLE Act is a federal law, individual states are tasked with developing their own programs and the regulations and benefits specific to each program can vary depending on the jurisdiction, according to the ABLE National Resource Center.
