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Oklahoma May Set up Tax-Deferred Savings Accounts for Disabled Individuals This Year

Congress approved tax-deferred savings accounts in 2014 to defray disability-related expenses, but Oklahoma has no program for it yet.

Achieving A Better Life Experience — or ABLE — accounts are similar to 529 college savings plans. States must start their own programs, as the ABLE Act only authorized the accounts.

State Treasurer Ken Miller said Oklahoma hasn’t set up its program because it’s expensive.

"The larger states are the first movers, because it takes quite an appropriation. I think the state of Florida had a several million dollar appropriation to start their ABLE program," Miller said.

There are two options for Oklahoma if it can't set up its own program.

"Some states are doing it all on their own. Illinois, I think, is one — and some others — that are starting and allowing other states to enroll with them, and then there's the consortium of a multistate effort that's going together to put their program together," Miller said.

"We are certainly going to be offering the ABLE benefits, probably through the consortium, or maybe through a direct label with another state," Miller said. "We should be able to do that in this year."

Eligible expenses include transportation, housing, education and certain legal fees. Nearly one in five Oklahomans reports having a disability, and many would likely qualify for an ABLE account.

Matt Trotter joined KWGS as a reporter in 2013. Before coming to Public Radio Tulsa, he was the investigative producer at KJRH. His freelance work has appeared in the Los Angeles Times and on MSNBC and CNN.