NC H556

Establishes the Achieving a Better Life Experience (ABLE) Program Trust in North Carolina to allow individuals with disabilities and their families to save funds for qualified disability expenses without affecting federal benefits eligibility.

Creates a six-member ABLE Program Board of Trustees chaired by the State Treasurer, including the Commissioner of Banks, Secretary of Health and Human Services, and three appointed members with expertise in investments, disability advocacy, and family experience with disabilities.

Permits eligible individuals to open ABLE accounts for saving cash contributions up to federal limits, with accounts limited to one per designated beneficiary and restricted to North Carolina residents or residents of contracting states.

Exempts ABLE account funds from creditor attachment and specifies they are not considered resources or income for state means-tested benefit programs, except the state may claim repayment from accounts for medical assistance provided after account establishment.

Authorizes the State Treasurer to establish application and administration fees, develop investment strategies, and begin accepting contributions once federal regulations are issued providing implementation guidance.