Funds that are in a qualified tuition program that satisfies the requirement of section 529 of the Internal Revenue Code of 1986, and funds that are stored in a ‘New York Achieving a Better Life Experience (NY-ABLE) savings account, will both be exempt/disregarded. ‘529 accounts’ are used to help families save money for college tuition, and ‘NY-ABLE’ accounts seek to help disabled New Yorker’s save money for future expenses that stem from their disabilities.
“Families that are saving money for things like college and healthcare expenses shouldn’t be penalized for doing so,” said Senator Persaud. “These new laws will ensure that families can save without the worry of losing needed public benefits. I thank Assembly Member Andrew Hevesi and Assembly Member Michele Titus for championing these bills with me, and I commend the Governor for bringing the legislation across the finish line.”