RALEIGH, N.C. (AP) - U.S. Sen. Richard Burr says North Carolina’s participation in a federal program permitting special savings accounts will help unlock opportunities for people with disabilities.
Burr says the program will also ease the worries of caregivers about providing for future needs.
Burr spoke Tuesday when Gov. Pat McCrory’s signed legislation creating the state’s ABLE Trust Fund, or Achieving a Better Life Experience.
North Carolina’s senior Republican senator helped get through Congress a law allowing all states to set up the funds.
Money made by the accounts isn’t subject to federal tax if used for eligible services. Accumulated funds also largely won’t hurt the ability of fund beneficiaries to receive certain income-based federal benefits.
Parents and their children who could benefit from accounts watched McCrory sign the bill.
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