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NY A07817
Bill
Status
10/3/2019
Primary Sponsor
Andrew Hevesi
Click for details
AI Summary
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Amends Social Services Law section 131-n to exempt funds in New York Achieving a Better Life Experience (NY ABLE) savings accounts from being counted as resources when calculating public assistance benefits.
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Adds NY ABLE account funds to the existing list of exempt resources, which already includes home ownership, one vehicle up to $12,000 fair market value, burial plots, and education savings accounts up to $1,400.
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NY ABLE accounts are established in accordance with Article 84 of the Mental Hygiene Law and provide tax-advantaged savings for individuals with disabilities.
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Takes effect immediately, with the amendments expiring when section 131-n itself expires.
Legislative Description
Exempts certain funds in NY ABLE savings accounts from the calculation of household benefits under public assistance programs.
Last Action
SIGNED CHAP.329
10/3/2019