MS SB2311

Establishes the Mississippi Achieving a Better Life Experience (ABLE) Program to allow individuals with disabilities to save money in tax-exempt accounts for qualified disability expenses, administered by a 9-member Mississippi ABLE Board of Directors.

Creates the ABLE Trust Fund as a state instrumentality consisting of three separate accounts (administrative, endowment, and program) to hold contributions and investments for account owners.

Exempts ABLE account funds from state taxation and allows contributors to deduct contributions from Mississippi taxable income up to annual limits set by Congress; earnings on withdrawals for non-qualified expenses are subject to income tax.

Requires the Mississippi ABLE Board to establish and administer the program or contract with another state by July 1, 2018, obtain federal tax and securities law compliance opinions before implementation, and provide annual accounting statements to state officials.

Protects ABLE account funds from creditor claims (except Medicaid recovery), allows the state to pursue medical assistance recovery from deceased beneficiaries' accounts after qualified disability expenses are covered, and permits account holders to participate in state assistance programs without the ABLE funds affecting eligibility determinations.