The state legislature is currently considering a bill that will get better information to people about on ABLE accounts in Wisconsin, Did you know that our state is one of just 9 states that does not operate or promote an ABLE savings program for people with disabilities ? This bill would help to eliminate a lot of confusion about ABLE.
ABLE accounts help people with disabilities and their families save for the future, but many people in Wisconsin do not know about them. Call or e-mail your State Senator and State Representative by February 22nd to see if they will co-sponsor LRB 0102/1. We make it easy for you to contact your legislator at this link: https://p2a.co/KKUbFkw
Quick bill summary:
• ABLE accounts allow people who have a disability that developed before age 26 to have a tax-exempt savings account set up in their name that can cover allowable expenses.
• Allowable expenses include education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, legal fees, expenses for oversight and monitoring, and funeral and burial expenses.
• ABLE accounts do not affect eligibility for Supplemental Security Income (SSI) or Medicaid.
• In 2016, Wisconsin passed ABLE tax legislation but chose not to establish its own state ABLE program, instead allowing Wisconsinites to open accounts in other states. Many people with disabilities and families are unaware of ABLE accounts, or struggle to find information and make decisions about how to set them up. Wisconsin is one of 9 states that does not operate an ABLE program.
• This bill will take concrete steps to make ABLE accounts more accessible for Wisconsin families.
• The bill requires the Department of Financial Institutions (DFI) to examine the pros and cons of opening a Wisconsin-run ABLE program for residents or contracting with another state to administer an ABLE program for Wisconsin residents.
Go to this link to tell your legislator to support this bill: https://p2a.co/KKUbFkw
Read the full bill draft here.