St. Louis, MO (KTRS) A new program is available in Missouri to help those with disabilities.
On Monday morning State Treasurer Eric Schmitt joined other advocates at Paraquad in St. Louis to launch the MO ABLE Program, which enables Missourians living with disabilities to save and invest through tax-free savings accounts. Schmitt sponsored this legislation in 2015 when he was state senator.
Schmitt says his 12-year-old son Stephen, who is disabled was his inspiration for pursuing this legislation. “In his smile, I see God and it’s important to do that work here on Earth and so our job is to forge a path. A path that is anchored by compassion and by love and by hard work.”
Stephen was the first in Missouri to have a MO ABLE account opened on his behalf.
Schmitt also says this program will “change the lives of thousands of Missourians.”
MO ABLE functions similarly to Missouri’s MOST 529 College Savings Plan. Missourians who contribute to MO ABLE accounts will be eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. State-based ABLE programs are made possible by the federal Achieving a Better Life Experience Act of 2014. Earnings in ABLE Accounts are not subject to federal income tax, so long as funds are spent on qualified disability expenses.
MO Able accounts can be open by an individual with a disability, a parent, guardian, or someone with power of attorney.
More information about the MO ABLE program is available online at www.moable.com.