Louisiana launches tax-free savings program for the disabled
BATON ROUGE - Louisiana has started a new tax-free savings account program that will allow families set aside money to help children with disabilities pay for expenses.
Treasurer Ron Henson and the Louisiana Office of Student Financial Assistance announced the program 's launch. The program is tied to a 2016 state law called the Louisiana Achieving a better Life Experience Act - or the Louisiana ABLE Act.
Henson says that people struggling to provide for their family members with disabilities will be able to deposit dollars tax-free into an ABLE account for qualified expenses like education, housing, transportation, employment training, health care and other items.
The dollars will be invested and can earn interest.
An ABLE account owner can save up to $14,000 per year and continue receiving Medicaid and Social Security benefits.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Gunfire erupts near Cortana Mall; Person grazed by bullet on CATS bus
Businesses near LSU adjust to crowd fall semester brings
Vehicle submerged in ditch along I-10 West near College Drive
Central homeowner dealing with backed up drainage, seeks city's help
Person grazed by bullet on CATS bus