NY A06516

Establishes the New York Achieving a Better Life Experience (NY ABLE) savings account program to help individuals and families save private funds for disability-related expenses.

Creates a new Article 2-D in the Banking Law to govern the NY ABLE savings account program with specific requirements for plan establishment and administration.

Authorizes the creation of an NY ABLE account advisory committee and grants the Comptroller powers to implement and oversee the program.

Designates that ABLE account funds supplement but do not replace existing disability benefits and support beneficiaries in maintaining health, independence, and quality of life.

Amends both the Banking Law and Tax Law to provide the legal framework for establishing and operating NY ABLE accounts.