Section 722.110  Purpose of Program

a)         The purpose of the ABLE Program is to encourage and assist individuals and families in saving private funds to support individuals with blindness or disabilities in order to maintain health, independence and quality of life, and to provide secure funding for disability-related expenses that will supplement, but not supplant, benefits provided through private insurance and federal and state medical and disability insurance.

b)         The ABLE Program is established pursuant to the federal ABLE Act of 2014 (26 USC 529A), which amended the Internal Revenue Code of 1986 to allow states to establish tax-exempt savings accounts for individuals with blindness or disabilities if those savings are used to cover qualified disability expenses.