MS HB162

Creates the Mississippi ABLE (Achieving a Better Life Experience) Board of Directors consisting of 9 members including the State Treasurer, Executive Director of Department of Rehabilitation Services, and appointed public members to administer a tax-exempt savings program for individuals with disabilities.

Establishes the Mississippi ABLE Trust Fund to hold contributions for qualified disability expenses of eligible individuals, with funds exempt from state taxation and creditor claims, and requires the board to implement the program or contract with other states by July 1, 2018.

Allows contributors to deduct annual contributions to ABLE accounts from Mississippi taxable income up to the federal annual limit, with earnings remaining tax-exempt if used for qualified disability expenses as defined under federal law.

Requires the board to provide annual account statements, develop a user-friendly website portal, establish an assistance helpline, and ensure ABLE account participation does not affect state benefit eligibility or asset limits under federal law.

Provides that upon death of a beneficiary, remaining ABLE account funds may first be used for qualified disability expenses and Medicaid recovery claims, with remaining balances distributed according to the participation agreement.