Missouri State Treasurer Eric Schmitt and State Senator Denny Hoskins hosted a roundtable in Warrensburg at West-Central Independent Living Solutions (WILS) to improve the MO ABLE program.
Launched in 2017, MO ABLE accounts allow individuals with disabilities to save for long term needs while not harming their eligibility for federal means-tested benefits programs.
Currently there is a state tax penalty for rolling over funds from MOST 529 Savings Plans into MO ABLE accounts, even though federal law permits this rollover. Senate Bill 882 would allow MOST 529 account holders to transfer money from a MOST 529 account to a Missouri ABLE account without a tax penalty on money transferred.
This legislation will help expand the MO ABLE program which will allow more opportunity for those living with special needs in Missouri.
To learn more about the MO ABLE program visit www.moable.com.
We are pleased that our elected are working to improve the lives of Johnson County citizens!