Wednesday, March 2, 2016

Bill aims to help families open tax-free savings accounts

(AP) — The Kentucky Senate has passed a bill aimed at helping families wanting to open tax-free savings accounts to cover the short- and long-term needs of relatives who have disabilities.

The measure is a response to a federal law that allows families to set aside money in those accounts and still qualify for government benefits.

Senators voted 36-0 Wednesday to pass the bill, sending it to the House. Some senators spoke about how the bill will help their families or their friends' families.

The accounts will be offered through state-sponsored programs, and consumers can choose a plan sponsored by any state.


The bill also calls on the state treasurer's office and advocates for the disabled to recommend whether Kentucky start its own program. The bill's lead sponsor is Sen. Wil Schroder.