California state treasurer John Chiang is joining both state and local leaders Wednesday to launch CalABLE, a new state program that will allow individuals with disabilities to open tax-advantaged savings and investment accounts.
Previously, public benefits for people with disabilities restricted savings to $2000 per year, but under the new CalABLE program, eligible individuals will be able to save $15,000 per year with a $529,000 account cap. The program will also allow participants to maintain benefits such as Medi-Cal and CalFresh; however, individuals who wish to remain eligible for social security income benefits can only deposit up to $100,000 in an account.
Joining Chiang at the news conference are treasurer-elect and board of equalization member Fiona Ma; assembly member Jacqui Irwin; Los Angeles department on disability executive director Stephen David Simon; and Coelho Center for Disability executive director of law, policy and innovation Katherine Perez. Also making an appearance are celebrities with disabilities RJ Mitte (“Breaking Bad”), Danny Woodburn (“Seinfeld” and “Bold & The Beautiful“) and Robert David Hall (“CSI: Crime Scene Investigation”), as well as other members of the disability community who plan on joining the program.
Chiang is set to launch CalABLE at 10:30 a.m. at the Coelho Center for disability near Loyola’s downtown law school campus.
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