{"id":140609,"date":"2025-02-26T21:15:43","date_gmt":"2025-02-27T02:15:43","guid":{"rendered":"https:\/\/www.thevalleyledger.com\/?p=140609"},"modified":"2025-02-26T21:15:43","modified_gmt":"2025-02-27T02:15:43","slug":"treasurer-stacy-garrity-pa-able-reaches-150-million-asset-milestone","status":"publish","type":"post","link":"https:\/\/www.thevalleyledger.com\/?p=140609","title":{"rendered":"Treasurer Stacy Garrity: PA ABLE Reaches $150 Million Asset Milestone"},"content":{"rendered":"

Program provides tax-free savings opportunities while protecting eligibility for benefits<\/em>\u00a0<\/strong><\/p>\n

Harrisburg, PA\u00a0<\/strong>\u2014 Treasurer Stacy Garrity announced today that\u00a0PA ABLE Savings Program<\/a>\u00a0assets have surpassed $150 million. PA ABLE (Achieving a Better Life Experience) accounts are a tax-free way for Pennsylvanians with qualifying disabilities and their families to save for disability-related expenses without impacting important benefits.<\/p>\n

\u201cThe fantastic growth in our PA ABLE program shows the importance of these accounts and reflects all the positive impacts the program has made for Pennsylvanians with disabilities and their families,\u201d Treasurer Garrity said. \u201cI\u2019m thrilled that PA ABLE has surpassed this milestone, and I hope this announcement encourages even more people to see how PA ABLE can help them save for a more financially independent and secure future.\u201d<\/p>\n

Pennsylvanians have contributed $180 million to PA ABLE accounts since the program\u2019s inception in 2017. More than $55 million has been withdrawn for disability-related expenses, like groceries, rent, healthcare, transportation, and longer-term expenses including education and assistive technology.<\/p>\n

PA ABLE offers multiple savings and investment options, including an interest-bearing checking account. PA ABLE accounts owners can contribute up to $19,000 per year. Contributions can be deducted on PA state income taxes, and PA ABLE account owners pay no federal or state income tax on account growth when used for qualified withdrawals.<\/p>\n

This year, a new tax credit is available that encourages businesses to support their employees saving with PA ABLE. Pennsylvania employers are eligible for a 25 percent tax credit on matching employer contributions of up to $500 per employee per year.<\/p>\n

And beginning in 2026, access to ABLE programs will be greatly expanded. Treasurer Garrity was a strong advocate for the federal ABLE Age Adjustment Act, that had almost unanimous support from Pennsylvania\u2019s congressional delegation.<\/p>\n

Currently, to be eligible to save with an ABLE program, a person\u2019s disability must onset prior to their 26th birthday. With the passage of the ABLE Age Adjustment Act, the onset age will increase to 46 starting on January 1, 2026, and will expand ABLE access to millions more Americans, including one million Veterans.<\/p>\n

Visit\u00a0paable.gov<\/a>\u00a0or call 855-529-2253 to learn more about PA ABLE.<\/p>\n

 <\/p>\n

STACY GARRITY, STATE TREASURER
\nwww.patreasury.gov<\/a><\/p>\n

 <\/p>\n

Information provided to TVL by:
\n<\/strong> Samantha Heckel<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Program provides tax-free savings opportunities while protecting eligibility for benefits\u00a0 Harrisburg, PA\u00a0\u2014 Treasurer Stacy Garrity announced today that\u00a0PA ABLE Savings Program\u00a0assets have surpassed $150 million. PA ABLE (Achieving a Better … Continue reading Treasurer Stacy Garrity: PA ABLE Reaches $150 Million Asset Milestone<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":120734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[69,482],"tags":[],"class_list":["post-140609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-valley","category-press-release-2"],"jetpack_publicize_connections":[],"acf":[],"jetpack_featured_media_url":"https:\/\/www.thevalleyledger.com\/wp-content\/uploads\/2023\/07\/Pennsylvania-Treasury.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/140609"}],"collection":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=140609"}],"version-history":[{"count":0,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/140609\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/media\/120734"}],"wp:attachment":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=140609"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=140609"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=140609"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}