Minnesota Achieving a Better Life Experience Act

This act creates a state-run savings program that lets individuals with disabilities, or others acting on their behalf, set aside money in dedicated accounts for a designated beneficiary without jeopardizing eligibility for means-tested public benefits. It establishes a savings trust administered under state rules and overseen by a designated committee, provides for contracting with a financial institution to manage the program, and sets out how accounts are opened, funded, transferred to a new beneficiary, and drawn down through qualified withdrawals. It also supplies the tax and protective framework around those accounts — a deduction for contributions, a recapture tax on certain withdrawals, limits on account balances and uses, confidentiality of account records, and an exemption of account funds from creditors' claims.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.