Nevada SB 419

Nevada

"AN ACT relating to persons with disabilities; creating the Nevada ABLE Savings Program as a qualified ABLE program under the federal Achieving a Better Life Experience Act of 2014..."

"Recently enacted federal law allows for the creation of tax-advantaged savings accounts for persons who have certain qualifying disabilities. Under the program, any person, including family members, may make a contribution to the account of a person with a qualified disability. Any interest or other growth in the value of the account and distributions taken from the account are tax free. The maximum amount that can be contributed tax free to the account of a qualified person is $14,000 per year. Distributions from the account may only be used to pay expenses related to living a life with a disability and may include such things as education, housing, transportation and employment training and support."

State Policies & Initiatives: 
Legislation
Systems: 
  • Other
Topics: 
  • Asset Development / Financial Capability
Other: 
  • State Treasurer
Date Enacted: 
07/01/2015
CITATIONS: