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Tax-Free Savings Accounts For Disabled Signed Into Law

Published
Governor Gina Raimondo signs a new law today giving disabled adults the opportunity to save money in a tax-free account. The law recognizes that...

Governor Gina Raimondo signs a new law today giving disabled adults the opportunity to save money in a tax-free account.

The law recognizes that financial assistance is available for disabled, school-age Rhode Islanders. But disabled adults must sometimes rely on private funds to pay for expenses.

Anyone can contribute to the account, which will be held in trust and managed by the state.  The funds can be used to pay for a range of expenses from housing to job training to personal care services. And the savings won’t affect eligibility for any state or local assistance, such as Medicaid.

The law takes effect in January.

Tax-Free Savings Accounts For Disabled Signed Into Law
Tax-Free Savings Accounts For Disabled Signed Into Law