Indianapolis – Governor Mike Pence signed into law the Achieving a Better Life Experience Act (Senate Enrolled Act 11), which creates a savings program for Hoosiers to better provide for their loved ones with special needs by allowing them to save money for disability-related costs without placing other benefits at risk. The bill is aimed at easing the financial strain faced by an individual with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, health care and transportation. The ABLE Act was included on the Governor’s 2016 legislative agenda and championed by State Treasurer Kelly Mitchell and Sen. Luke Kenley (R-Carmel).
“Hoosiers with disabilities face enormous financial hurdles and planning for the future becomes a daunting task,” said Governor Pence. “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.”
“I’m grateful today for the partnership of Governor Pence, lawmakers, stakeholders, and advocacy organizations who helped bring this important bill to fruition,” said Treasurer Mitchell. “The ABLE Act will give Hoosiers with disabilities the tools to invest in a brighter future. I was honored to spearhead this legislation and am especially proud today as the Governor signs this bill into law.”
The bill creates ABLE accounts that will allow individuals and their families to create a tax advantaged savings account that can be used for certain disability related expenses, such as education, housing, health care, and employment training. These accounts are structured similar to a College Choice 529 Direct Savings Plan and will enable families and individuals to save for qualified expenses without risking their eligibility for other relied upon benefit programs, such as Social Security and Medicaid.
The ABLE Act passed the Indiana General Assembly this legislative session with unanimous, bipartisan support. The bill was signed into law in a public ceremony held in the rotunda of the Indiana Statehouse. A photo of the ceremony can be found attached.
To follow legislation as it reaches the Governor’s desk, visit http://in.gov/gov/2016billwatch.htm
