MO SB174

Creates the Missouri Achieving a Better Life Experience (ABLE) program allowing individuals with disabilities to establish tax-advantaged savings accounts for qualified disability expenses as defined under Section 529A of the Internal Revenue Code

Establishes a seven-member Missouri ABLE board chaired by the State Treasurer, including representatives from state agencies and three appointed members with finance, investment, or banking expertise serving four-year terms

Provides state tax benefits with annual contribution deductions up to $8,000 per individual ($16,000 for married couples filing jointly) from Missouri adjusted gross income, with account assets and earnings exempt from state and local taxation

Imposes a penalty of at least 10% on earnings for distributions not used for qualified disability expenses, not made due to beneficiary death, or withdrawn before the minimum holding period

Requires semiannual review by the State Treasurer's director of investment to assess financial status, investment policy, participation rates, and program viability, with annual public reporting to the board