Texas ABLE Program Launches in 2018

Start spreading the news — we are excited to announce that the Texas Achieving a Better Life Experience (Texas ABLE℠) Program, is scheduled to launch in early 2018! Be on the lookout for all the details and enrollment information in January.

Texas ABLE is a new tax-advantaged savings program that encourages and assists individuals with disabilities and their families to save and pay for disability-related expenses to maintain an eligible individual’s health, independence and quality of life. Texas residents who became disabled or blind before the age of 26 and meet program eligibility requirements may open a Texas ABLE account.

Texas ABLE Program Highlights

• Save up to $15,000 per year beginning in 2018 without losing government benefits such as Supplemental Security Income, Social Security Disability Insurance and Medicaid.
• Withdrawals are tax-free if used to pay for qualified disability expenses, and any earnings on your investments grow tax-free.
• Maintain control of your account, and choose how you want your funds invested.
• Account funds can be accessed and monitored online.
• Our online gifting tool makes it easy for others to make contributions to your account including your friends and family, business entities or even trusts.

For more information on Texas ABLE, contact us at TexasABLE@cpa.texas.gov or call 512-475-5331.

For anyone wanting to open an ABLE account in 2017, there are a number of state plans open for enrollment to out-of-state residents. Should you open an account out of state and desire to move the funds to the Texas ABLE Program at a later date, you have the option to transfer funds from another ABLE program to the Texas program when it opens in 2018.

The Texas ABLE Program is made possible through the federal ABLE Act, which was signed into law in December 2014. The Texas Prepaid Higher Education Tuition Board, with assistance from the Texas Comptroller of Public Accounts, will administer the Program.