What's happening
This bill raises the maximum allowed balance for New York ABLE accounts to match the federally authorized limit for college savings programs.
Why it matters
Increases savings flexibility for people with disabilities. By raising the cap on ABLE account balances, individuals and families can save more for disability-related expenses without jeopardizing eligibility for means-tested benefits.
Aligns with federal standards. Tying the ABLE account limit to the federally authorized cap for 529 college savings plans ensures New York residents benefit from higher, inflation-adjusted limits and avoids state-specific disadvantage.
May encourage long-term financial planning. Higher account limits can incentivize more families to use ABLE accounts as a tool for long-term financial security, covering a broader range of needs over a person’s lifetime.
Reduces administrative confusion. Synchronizing state ABLE limits with federal 529 limits simplifies compliance for account holders and administrators, making the program easier to understand and use.
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Who cares
New York ABLE account beneficiaries
The bill would allow the comptroller to set a maximum aggregate account balance above $100,000, up to the federally authorized contribution level for New York’s college choice tuition savings program.
People contributing to ABLE accounts
A higher maximum balance would allow additional contributions before reaching the beneficiary’s aggregate account limit.
State Comptroller’s office
The bill would replace the fixed $100,000 ceiling governing its maximum-balance rules with a ceiling tied to the college choice tuition savings program.
Headline styles
Raise ABLE Account Limits
Plain English, a few words. Used as the page title.
Sponsors
History
- Signed chap.545
- Delivered to governor
- Returned to assembly
- Passed senateVote 62–0
- 3rd reading cal.1206
- Substituted for S6238
- Referred to mental health and developmental disabilities
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.442
- Reported
- Reported referred to ways and means
Show 1 earlier action
- Referred to mental health
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Raise ABLE Account Limits
Senate Floor Calendar · Sponsor David Carlucci
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
7473
2019-2020 Regular Sessions
IN ASSEMBLY
May 6, 2019
Introduced by M. of A. GUNTHER -- (at request of the State Comptroller) -- read once and referred to the Committee on Mental Health
AN ACT to amend the mental hygiene law, in relation to increasing the maximum account balance for the New York ABLE program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 12 of section 84.09 of the mental hygiene law, as added by chapter 576 of the laws of 2015, is amended to read as follows:
12. The comptroller shall promulgate rules or regulations to prevent contributions on behalf of a designated beneficiary in excess of an amount that would cause the aggregate account balance for all accounts for a designated beneficiary to exceed a maximum account balance, as established from time to time by the comptroller. Such maximum amount shall reflect reasonable expenditures and shall be determined in accordance with any applicable state or federal law, rule, or regulation. Such maximum amount shall not exceed [one hundred thousand dollars] the federally authorized level of contribution established for the New York college choice tuition savings program pursuant to subdivision ten of section six hundred ninety-five-e of the education law unless otherwise permitted by law.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09005-02-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.