LANSING, Mich. – Michigan residents who care for an individual with a disability will soon have access to special savings accounts to help them pay for certain expenses, thanks to legislation signed today by Lt. Gov. Brian Calley. Article V, Section 26 of the Michigan Constitution gives authority to the lieutenant governor to sign legislation when the governor is out of state. Gov. Snyder is currently attending the 2015 Ontario Economic Summit.
“The ABLE Act provides Michiganders with disabilities more financial opportunities that will help them live more self-determined independent lives,” Calley said. “Families will now have tax-exempt options to save more money to support their loved ones without worrying about losing access to other benefits.”
House Bill 4542, authored by state Rep. Anthony Forlini, creates the Michigan Achieving a Better Life Experience (ABLE Act) and authorizes ABLE savings accounts to be used for spending on education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management, legal fees and other expenses. Forlini’s HB 4543 creates an income tax deduction for ABLE Act accounts, with a deduction cap of $5,000 for a single return or $10,000 for a joint return. The bills are now Public Acts 160 and 161 of 2015, respectively. Click here to read more
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