NY S07937

Establishes the NY ABLE savings account program administered by the Commissioner of the Office for People with Developmental Disabilities to allow individuals and families to save funds for qualified expenses of intellectually or developmentally disabled beneficiaries

Permits account owners to make contributions in cash to accounts for designated beneficiaries with disabilities, with account management by selected financial organizations under contract with the Comptroller

Defines qualified expenses to include tuition and educational materials, housing costs, transportation, employment-related expenses, health and wellness services, and other disability-related expenses deemed qualified by the Commissioner

Prohibits account owners and beneficiaries from directing investments, using accounts as loan collateral, or making withdrawals exceeding 60 days notice, with separate accounting required for each designated beneficiary

Provides tax benefits allowing account owners to exclude contributions from state taxable income and designated beneficiaries to exclude qualified expense distributions from gross income to the extent allowable under federal tax law

Establishes comptroller authority to select financial organizations as program managers and depositories, with oversight including annual audits, reporting requirements, and biennial examinations if not subject to other regulatory oversight