Bill > SB0556

This bill amends the Michigan Achieving a Better Life Experience (ABLE) program act by creating the MiABLE fund in the state treasury. The fund will be managed by the state treasurer, who will deposit money from income tax sources and other revenue streams, and direct its investment. Any interest and earnings from investments will be credited to the fund, and unspent money will not revert to the general fund at the end of the fiscal year. The department will serve as the fund's administrator for auditing purposes and can expend money from the fund only after appropriation, specifically for administering the Michigan ABLE savings program and reimbursing asset-based and maintenance fees associated with the program. The bill is contingent on the passage of Senate Bill No. 555, meaning it will only take effect if that companion bill becomes law. The MiABLE program is designed to help individuals with disabilities save money in tax-advantaged accounts without losing eligibility for certain public benefits.

Housing and Urban Affairs

https://legislature.mi.gov/Bills/Bill?ObjectName=2025-SB-0556