Rep. John Macco and Senator Howard Marklein have drafted a bill to bring the benefits of ABLE Act Accounts to Wisconsin. Disability Rights Wisconsin worked with the legislature to make sure this bill will work for Wisconsin residents. The Wisconsin ABLE Act bill will finally allow people with disabilities and their families to earn and save for the extraordinary expenses they often face.
The bill allows people with disabilities and their families to earn and save up to $14,000 per year to purchase a defined list of items typically challenging to access under current income limits, including dental care, assistive technology, transportation, housing, employment training, education, and more. ABLE Accounts are tax-advantaged savings accounts–income earned by the accounts would not be taxed. In addition, for the first time, eligible individuals and families will be allowed to establish ABLE savings accounts that will not affect their eligibility for SSI, Medicaid, Wisconsin long-term care programs and other public benefits.
Under federal law, people with disabilities cannot have more than $2,000 in assets at any time—an amount that hasn’t changed in 30 years. Tax-exempt savings accounts provide people with the opportunity to maintain economic stability and preserve critical health care coverage. The maximum total amount of contributions that may be made to a Wisconsin ABLE account is tied to the maximum contribution limit of Edvest, Wisconsin’s 529 plan. The current limit is $330,000.
Want to Learn More? See both the draft ABLE Act bill here: May 7 ABLE Act bill draft and an FAQ on ABLE Accounts from the National Disability Institute here: ABLE Accounts FAQ.
And please consider calling your legislator by May 14 and asking them to sign on to Wisconsin’s ABLE Act • Tell them how finally being able to save for the future will help you or your family.
To find contact information for your legislator: Call 1-800-362-9472 and ask to confirm your representatives, or go to the following link and type your address in the box: Find My Legislators.