AUGUSTA, Maine - Disabled Mainers would be able to put away funds for future needs in tax free savings accounts under a measure introduced by Augusta Republican Rep. Matt Pouilot.
Pouilot says the program is made possible by a new federal law passed last year. "In an age where we are struggling to find money to pay for programs, allowing individuals to keep more money in their pockets to pay for themselves is a worthy endeavor," he says.
The proposal is based on legislation just adopted in Kansas. It would allow disabled Mainers to put money into a state administered program without those contributions being taxed. When the money is withdrawn for such purposes as buying adaptive equipment or paying for needed services, those withdrawals would not be taxed.
The measure was allowed in after deadline, and Pouilot says it may get carried over to the January session.
