Missouri State Treasurer Eric Schmitt announced Monday that MO ABLE accounts will be available to Missourians starting April 24th. The MO ABLE program creates tax advantage savings accounts for expenses related to disabilities.
In 2014, Congress authorized states to create programs which allow family members of those with disabilities to save money with tax advantages. Last month, Missouri made an agreement with Ohio, Vermont, Georgia and Kentucky to implement MO ABLE. According to the state treasurer, the multi-state effort will result in lower costs and higher quality for participants. Missourians who contribute to MO ABLE accounts will be eligible for tax deduction of up to $8,000 or $16,000 depending on how they file. Schmitt said the launch of these programs is special. He has a son who is autistic.
“My wife and I know, and our family know firsthand the challenges that individuals with disabilities have just navigating life,” said Schmitt. “For us to be able to provide peace of mind to families, for them to be able to save for their loved one, and the financial security and independence for those individuals living with disabilities is an incredible honor.”
The treasurer made the announcement at the Missouri Assistive Technology Council’s Power Up 2017 Conference.
“To have the treasurer here to announce it at our annual assistive technology conference is incredible for Missourians with disabilities all across the state,” said Program Coordinator of Missouri Assistive Technology Brenda Whitlock.
According to the Director of Public Policy and Advocacy for Paraquad, there are 800,000 Missourians living with a disability.