Ohio Treasurer Josh Mandel and Georgia Governor Nathan Deal Announce Launch of Georgia STABLE for Individuals with Disabilities
Georgia Becomes Fourth State to Launch Partner Program with Ohio’s STABLE Accounts
Press Release - Ohio Treasurer's Office
COLUMBUS – Ohio Treasurer Josh Mandel and Georgia Governor Nathan Deal announced today the launch of Georgia STABLE, tax-free savings accounts for eligible individuals living with disabilities, powered by Ohio’s STABLE Accounts. With this partnership, Georgia becomes the fourth state to launch a partner program with Ohio’s STABLE Accounts.
STABLE Accounts are made possible by the federal Achieving a Better Life Experience (“ABLE”) Act passed by Congress in 2014. STABLE Accounts allow individuals with disabilities the opportunity to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, SSI or SSDI. Earnings in STABLE Accounts are not subject to federal income tax, so long as funds are spent on qualified disability expenses.
On June 1, 2016, Ohio became the first state in the country to offer enrollment for eligible individuals living with disabilities. As a national leader in this initiative, the Treasurer’s office has been working with other states to offer STABLE Accounts to individuals with disabilities across the country. With today’s launch, Georgia becomes the fourth state to launch a partner program with Ohio’s STABLE Accounts, following Kentucky, Vermont and Missouri.
“As Treasurer of Ohio I am proud to serve as administrator of STABLE Accounts,” said Treasurer Mandel. “By assisting individuals and families with saving and investing, we are supporting persons with disabilities to maintain health, independence and quality of life.”
“Georgia STABLE is an important part of our ongoing efforts to provide effective tools and better opportunities for Georgians with disabilities,” said Governor Deal. “This savings program will be a beneficial asset for people with disabilities across the state as they live more independent lives, seek gainful employment and plan for the future. Georgia STABLE is another step toward ensuring our citizens with disabilities have the means and support necessary to live and work as independently as possible.”
Under the federal ABLE legislation, which was signed into law on December 19, 2014 with strong bipartisan support, each state is responsible for establishing and operating ABLE accounts. On July 16, 2015, Governor John Kasich signed into law HB 155, which passed unanimously by both the Ohio House and Senate, authorizing the Treasurer’s Office to open and administer these accounts.
On May 3, 2016, Georgia Governor Nathan Deal signed into law HB 768, which created the Georgia ABLE Program Corporation. The Georgia ABLE Program Corporation, governed by a board of directors from interested parties across the state, selected a partnership with the Ohio Treasurer’s office as a high-quality and cost-efficient way to bring STABLE Accounts to Georgia.
Georgia STABLE will be administered through the Ohio Treasurer’s office and will function similarly to Ohio’s STABLE Accounts.
For more information please visit www.stableaccount.com.