NY A07767

Establishes NY ABLE savings accounts for individuals and families to save private funds for qualified disability-related expenses of designated beneficiaries with intellectual or developmental disabilities, supplementing but not supplanting existing benefits.

Authorizes the State Comptroller to establish the program, select financial organizations as account managers and depositories through competitive bidding, and promulgate necessary rules and regulations in consultation with relevant state agencies.

Creates a NY ABLE Account Advisory Council comprising state commissioners, Comptroller, and gubernatorial and legislative appointees with expertise in disability services to oversee program development and improvement.

Provides New York State tax exclusions for account owner contributions and qualified distributions, and exempts qualified NY ABLE account balances from Medicaid means-testing determinations.

Establishes a NY ABLE Savings Program Trust Fund under the State Comptroller's custody to hold and invest account assets, with maximum account balances not exceeding $100,000 unless otherwise permitted by law.