ABLE Act Takes Major Step Forward After Bipartisan Vote of House Ways and Means Committee

Casey, Burr, Crenshaw, Van Hollen, Sessions and McMorris Rodgers Praise Vote, Call for Quick Action in September

ABLE Act Takes Major Step Forward After Bipartisan Vote of House Ways and Means Committee

Washington, DC- Following a bipartisan vote in the House Ways and Means Committee that moved the Achieving a Better Life Experience Act (ABLE) forward, U.S. Senators Bob Casey (D-PA), Richard Burr (R-NC) and Representatives Ander Crenshaw (R-FL), Chris Van Hollen (D-MD), Pete Sessions (R-TX) and Cathy McMorris Rodgers (R-WA) released a statement praising the Committee’s work and pushing for quick action to pass the ABLE Act in September.

“Today’s mark-up of the ABLE Act in the House Ways and Means Committee is a critical step forward for this bipartisan, commonsense legislation that will help families of children with disabilities save for their long-term care. We’re hopeful that today’s action by Ways and Means will provide the necessary momentum for the ABLE Act to become law in September. This action is eight years in the making and reflects the tireless work of individuals with disabilities, their families and advocates.  As the lead sponsors of this legislation, we have focused on a common goal of providing individuals with often life-long disabilities a better way to save and plan for the future.  The ABLE Act has seen many versions over the years.  The bill Ways and Means considered today is a reflection of our shared vision and effort to address the objective at hand.  We look forward to standing together when this bill is signed into law later this year.” 

 

The legislation would amend Section 529 of the Internal Revenue Service Code to allow use of tax-free savings accounts for individuals with disabilities. The bill, first introduced in 2006, would ease financial strains faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, medical, and transportation. The bill would supplement, but not supplant, benefits provided through private insurance, the Medicaid program, the beneficiary’s employment, and other sources.

 

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