STATE: SC Treasurer Curtis Loftis Launches SC ABLE Program for Individuals with Disabilities
COLUMBIA – State Treasurer Curtis Loftis has announced the launch of the South Carolina Achieving a Better Life Experience (“SC ABLE”) Savings Program, which provides tax-advantaged savings accounts for eligible individuals with disabilities.
“Today is an exciting day for some very important South Carolinians,” Loftis said. “SC ABLE is a critical step toward enhancing the quality of life for individuals with disabilities.”
SC ABLE accounts allow individuals with disabilities the opportunity to save and invest money without jeopardizing need-based public benefits programs such as Medicaid and Supplemental Security Income (SSI). Individuals with a disability may save up to $14,000 per year in an ABLE account. In addition, contributions made to SC ABLE accounts are deductible from South Carolina state income taxes.
SC ABLE account savings can be used for a variety of qualified disability expenses, including rent and housing, transportation, education, employment training and support, assistive technology and many other approved expenses.
Administered by the S.C. Treasurer’s Office, SC ABLE accounts represent an important advancement in helping individuals with disabilities plan for the future. Prior to passage of the ABLE Act, individuals receiving certain government benefits were restricted in the amount of money they could save or invest, and financial resources of as little as $2,000 could result in a loss of benefits.
“ABLE legislation is helping empower people with disabilities,” Treasurer Loftis said. “I am proud of SC ABLE, the commitment to our citizens with disabilities it represents, and the opportunity for financial independence it provides them.”
SC ABLE is administered by the S.C. State Treasurer’s Office through a partnership with the Ohio Treasurer’s Office.