by Thomas D. Begley, Jr., Esquire, CELA<\/p>\n

On December 16, 2014, Congress enacted and sent to the President for signature an Act known as Achieving a Better Life Experience (ABLE) Act of 2014.[1]<\/a> This Act is to provide a tax-favored account, similar to a 529 Plan, for individuals with disabilities to pay for qualified expenses. The effective date of this legislation is December 31, 2014. Highlights of this Act are as follows:<\/p>\n

State Established or Contracted.<\/em> Each state is authorized to establish and operate an ABLE program. This must be done by each state before these accounts can be opened in that state. States may contract with other states to operate these programs.<\/li>\n

Income Non-Taxable. <\/em>Income earned by the accounts would not be taxable. These accounts would be similar to 529 Plans in that the income earned by the 529 Plan is non-taxable, if it is used for certain purposes. This is the major (more…)<\/span><\/a><\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
by Thomas D. Begley, Jr., Esquire, CELA On December 16, 2014, Congress enacted and sent to the President for signature an Act known as Achieving a Better Life Experience (ABLE) Act of 2014.[1] This Act is to provide a tax-favored…<\/span><\/p>\n
Read more ›<\/a><\/div>\n
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