The Achieving Better Life Experience (ABLE) Act was signed into law on December 19, 2014. Ohio House Bill 155 implements the federal ABLE Act in Ohio and the Office of the Ohio Treasurer administers STABLE Accounts.
In April 2019, the U.S. Department of Housing and Urban Development (HUD) provided guidance regarding the federally mandated exclusion of ABLE accounts from the calculation of income and assets, as required under the ABLE Act.
According to this guidance, contributions made by the designated beneficiary, a family member, and rollovers from existing ABLE accounts are excludable. This guidance applies to all HUD-assisted housing, as outlined in the Notice under the section titled Background.
Read the full notice here.