Status: Signed into law - program in development
State Account Limit: $399,999
Annual Contribution Limit: 15000
ABLE To Work Act Contribution: An Account Owner who is employed and who is not contributing to a defined contribution plan, an annuity contract or an eligible deferred compensation plan may contribute additional money to his or her Account. The additional amount that may be contributed is an amount equal to the Account Owner’s compensation or equal to the poverty line for a one-person household for the prior calendar year, whichever amount is the less: up to $12,760 for residents of the 48 contiguous states.
LD 1421 (HP 967) is a law directing the Treasurer of State to study the most effective options for Maine residents to participate in tax-advantaged savings accounts for persons with disabilities. It passed the House on 2/18/16 and the Senate on 2/23/16. It became law without the Governor’s signature on 3/6/16.
Program at a Glance
- Fee Range