The Achieving a Better Life Experience (ABLE) Act was enacted at the federal level at the end of last year. Since then, 45 states are pursuing ABLE accounts this year to allow families to set aside funds in tax preferred accounts for disability related expenses. Over 29 states have already filed ABLE bills this legislative session.
On March 24, the ABLE Act was passed in North Dakota. As of yet, the legislation is rather vague. It is unknown if it will be following the federal guidelines completely or if there will be guidelines specific to North Dakota. As of right now, it is thought that this program will follow the federal guidelines. This program will be administered by the Bank of North Dakota. They will make sure that it is in compliance with IRS standards. The Bank of North Dakota may impose an annual administrative fee to recover expenses.
If you want to learn more about the ABLE Act, check out the ten things you need to know about the ABLE Act.