ABLE Act definition
Examples of ABLE Act in a sentence
Achieving a Better Life Experience (ABLE) Act of 2014 – An amendment to Section 529 of the Internal Revenue Service Code of 1986 that allows individuals with disabilities to create a tax-free savings account.
Pursuant to the ABLE Act, the Governor’s Council on Developmental Disabilities of the State of Wyoming has arranged to make STABLE available to eligible Wyoming residents.
An individual is an Eligible Individual for a taxable year if, during that year the individual: • is entitled to benefits based on blindness or disability under Title II or XVI of the Social Security Act, (“Benefits Eligibility”); or • certifies with the Program Manager that he or she meets the requirements of the ABLE Act and the Plan (“Certification Eligibility”).
Pursuant to the ABLE Act and guidance from the Centers for Medicare and Medicaid Services (“CMS”), the following must be disregarded for purposes of determining eligibility for Medicaid benefits: • Funds in your STABLE Account, including earnings; • Third-party contributions to your STABLE Account; • Qualified Withdrawals from your STABLE Account; and • Transfers from a Special Needs Trust or Pooled Trust to a STABLE Account.
A program established pursuant to subsection 1, must comply with the provisions of the Achieving a Better Life Experience (ABLE) Act of 2014 and any other federal regulations governing programs for Section 529A Tax-Exempt Savings programs for individuals with disabilities.
The Federal ABLE Act is designed to permit states and state instrumentalities to establish and maintain programs that allow Eligible Individuals to save for Qualified Disability Expenses on a tax-advantaged basis without jeopardizing eligibility for federal means-tested benefits, such as SSI and Medicaid/Medi-Cal.
Achieving a Better Life Experience (ABLE) Act of 2014 - An amendment to Section 529 of the Internal Revenue Service Code of 1986, that allows individuals with disabilities to create a tax-free savings account.
The ABLE Act permits states and state agencies to establish plans that allow eligible individuals to save for qualified disability expenses on a tax-advantaged basis without jeopardizing eligibility for federal means-tested benefits, such as Supplemental Security Income (“SSI”).
In accordance with the California Enabling Law, CalABLE operates under the overall direction and supervision of the California ABLE Act Board (the “Board”), which is chaired by the California State Treasurer.
The term “Member Plan” shall mean a state-sponsored ABLE plan structured to comply with the ABLE Act and established and maintained by a Member State, the assets of which are held and accounted for by the Series of the relevant Member State with respect to such Member Plan, all pursuant to this Agreement.