HB 155 Summary

• Creates an ABLE account program administered by the Ohio Treasurer of State for eligible individuals with disabilities to save money for qualified disability expenses using federal tax advantages under Internal Revenue Code Section 529A.

• Disregards account value, contributions, and distributions from ABLE accounts when determining eligibility for state and local means-tested public assistance programs.

• Requires the Treasurer to select one or more financial organizations as program managers through a competitive bidding process based on financial stability, investment safety, fees, and promotional plans.

• Establishes a 9-member ABLE account program advisory board consisting of state officials, legislators, disability advocates, service providers, individuals with disabilities, and financial experts to review and advise the program.

• Makes ABLE account funds exempt from attachment, execution, and garnishment, though accounts remain subject to Medicaid estate recovery claims.