ABLE Act Now Law in New York
On December 22, 2015, New York Governor Andrew Cuomo signed into law Senate Bill s4472. The ABLE Act will allow certain individuals with disabilities and their families the opportunity to contribute to a tax-exempt savings account that can be used for maintaining health, independence and quality of life. As passed, the ABLE Act requires each state to independently establish, implement or contract with other states on the availability of ABLE accounts.
The members of the ABLE National Resource Center have long championed the ABLE Act as a critical strategy to providing a pathway to a better economic future for all people with disabilities. As the nation’s only disability related collabrative solely dedicated to assisting in the development of ABLE programs, the Center applauds the New York Legislature and Governor Andrew Cuomo for their support of the ABLE Act. We look forward to working with other states on crafting and passing similar legislation.