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Senate committee advances bill to let Idaho join multistate ABLE consortium
Summary
The Senate Health and Welfare Committee voted to send House Bill 26 to the floor with a due-pass recommendation after hearing testimony that joining a multistate ABLE consortium would lower fees and expand access to tax-advantaged savings for Idahoans with disabilities.
State Treasurer Julie Ellsworth asked the Senate Health and Welfare Committee on to send House Bill 26 to the Senate floor, saying the bill would allow Idaho to offer ABLE accounts by joining a multistate consortium rather than building a standalone program.
ABLE accounts let people with disabilities save for disability-related expenses without jeopardizing eligibility for means-tested benefits. "By joining a consortium," Ellsworth said, the state can spread administrative costs and lower fees for account holders; the treasurer said, "it will take it down to 19 to 33% basis points, a huge savings to them." The committee voted to give the bill a due-pass recommendation and advance it to the full Senate.
Why it matters: ABLE…
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