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Key Benefits of ABLE*
- The ABLE Act allows certain people with disabilities to have special savings accounts (ABLE accounts) for disability-related expenses without losing eligibility under SSI, Medicaid and certain other public benefits.
- Distributions from an ABLE account, including any earnings, are tax free if used for qualified disability expenses.
Highlights of ABLE*
- An individual who became disabled or blind before the age of 26, and either is currently entitled to SSDI or SSI, or gets a disability certification under rules the U.S. Treasury will write, can have an ABLE account.
- Eligible individuals can only have one ABLE account.
- Anyone can contribute to the ABLE account.
*See our Frequently Asked Questions for details.
What Happens Next
The U.S. Department of the Treasury is in the process of establishing regulations to guide the administration of state ABLE programs. The Comptroller's office will use state legislation and federal regulations to create the Texas ABLE Program. A number of actions must be completed before enrollment begins. Find out more here.
Things to Know About ABLE
Get answers to Frequently Asked Questions about ABLE.
ABLE News from the Comptroller's Office
Sept. 16, 2015 The Comptroller's letter to the IRS about proposed federal ABLE regulations.
Nov 16, 2015 Comptroller appointed ABLE Advisory Committee.
Nov. 20, 2015 IRS clarification on proposed federal ABLE regulations.
August 16, 2016 The Texas Prepaid Higher Education Tuition Board adopted rules for the Texas ABLE Program.
ABLE Legislation and Rules
The Federal ABLE Act
New IRS guidance to simplify ABLE program administration
Section 303 of the PATH Act, which amended ABLE to allow eligible individuals to enroll in a state program other than the one in their home state
The Comptroller's rules for the Texas ABLE program
ABLE Advisory Committee
Senate Bill 1664 established the Texas ABLE Program Advisory Committee to review rules and procedures related to the program, to provide guidance, suggest changes and make recommendations for the administration of the program, and to provide assistance as needed to the Texas Prepaid Higher Education Tuition Board and Comptroller during creation of the program.
Senate Bill 1664 includes the following requirements:
- Members of the Texas ABLE Program Advisory Committee must be appointed by Dec. 1, 2015, and the committee is abolished on Dec. 1, 2019.
- The Comptroller shall appoint a presiding officer.
- The Comptroller shall appoint at least five and not more than seven members to the committee, including at least one member from each of the following groups:
- persons with a disability who qualify for the program;
- family members of a person with a disability who qualifies for the program;
- representatives of disability advocacy organizations; and
- representatives of the financial community.
Comptroller Hegar has appointed the following members to the Texas ABLE Program Advisory Committee:
- Timothy Plachta, CFP / Presiding Officer (Austin, Texas)
- Jane Morgan Bost, Ph.D. (Round Rock, Texas)
- Sharon Hornfischer, RN (Austin, Texas)
- Erin Lawler, Esq. (Austin, Texas)
- Amy Litzinger (Austin, Texas)
- Chris Masey (Austin, Texas)
- William O'Connell, CPA (Georgetown, Texas)