State Treasurer Ken Simpler announced this week that Delaware will join the National ABLE Alliance, a coalition of states committed to assisting people with disabilities, in offering a special tax-advantaged investment account for those with qualified disabilities.
Money earned on the accounts will not be taxed as long its put towards disability-related expenses. That includes education, health care, transportation, or housing needs related to having a disability.
“First and foremost, our priority is to provide Delawareans with disabilities a fiscally sound means to
achieve a more secure economic future,” Simpler said in a statement. “ABLE accounts will empower
them to make long-term planning decisions according to their specific needs.”
To be eligible for an account, an individual must have a qualified disability onset for the age of 26.
“Delaware’s Office of the State Treasurer has been a strong advocate for the ABLE program and an active participant in discussions since the beginning. We are excited that our partnership will allow the Delaware disability community to take advantage of this new savings and investment program for people with disabilities at the lowest cost in the nation,” said Illinois Treasurer Michael Frerichs.