State Senator Denny Hoskins visited West Central Independent Living Solutions in Warrensburg with State Treasurer Eric Schmitt Thursday to advocate for legislation to give greater financial flexibility to families of individuals with disabilities.
State Representative Dan Houx and other community leaders joined Hoskins and Schmitt for a roundtable discussion about a Senate bill that would allow MOST 529 account holders to transfer funds to a Missouri Achieving a Better Life Experience (MO ABLE) disability savings account without a tax penalty on the money transferred.
The State Treasurer’s Office reports the change would reflect a recent change to the federal tax code that gives states the ability to permit transfers between 529 and ABLE accounts. The change would also make Missourians contributing to MO ABLE accounts eligible for a tax deduction of up to $8,000 or $16,000 if married and filing jointly. Earnings in ABLE accounts are not subject to federal income tax as long as funds are spent on qualified disability expenses.
Hoskins says unforeseen medical diagnoses can happen at any age. He wants parents to be able to make financially sound decisions about the future of their children. More information can be found at the MO ABLE website.
Hoskins serves Caldwell, Carroll, Howard, Johnson, Lafayette, Livingston, Ray, and Saline counties.