"The ABLE Act aims to change the tax code to allow for tax advantaged savings accounts for individuals with disabilities for certain expenses, like education, housing, and transportation."
"We are pleased that the Achieving a Better Life Experience Act has been approved by both the U.S. House of Representatives and now the U.S. Senate. With the clock winding down on this session of Congress, now this important legislation can move to President Obama's desk. We appreciate the untiring work of the chief sponsors of the bill and the support of a large and broad representation in both chambers of Congress.
"While the legislation was narrowed due to the constraints from the cost analysis, the approved bill will provide a vehicle for some families and people with intellectual and developmental disabilities to save for the future, depending on their own circumstances. Our efforts will not be finished if President Obama signs this bill - The Arc will continue to work with the leadership and chief sponsors in Congress to expand this program in the future to ensure that everyone in need can get the maximum benefit from this legislation. We remain disappointed that certain pay-fors remain in the bill," said Peter V. Berns, CEO of The Arc.
The ABLE Act aims to change the tax code to allow for tax advantaged savings accounts for individuals with disabilities for certain expenses, like education, housing, and transportation.
Similar to existing "Section 529" education savings accounts, ABLE accounts would let families save for disability-related expenses on behalf of qualified beneficiaries with disabilities that will supplement, but not replace, benefits provided through the Medicaid program, the Supplemental Security Income program, the beneficiary's employment, and other sources. If properly managed, funds in the ABLE accounts would not jeopardize eligibility for critical federal benefits. With full understanding of its features, individuals and families could use the ABLE accounts as another tool in planning for the lifetime needs of an individual with long term disabilities. The version of the bill that passed the U.S. House of Representatives includes age limitations and a cap on contributions, added in July by the Committee on Ways and Means to reduce the costs of the bill. If the President signs the ABLE Act into law, The Arc will issue a fact sheet including the details on the bill as it has been revised through the legislative process. Further details would come through the regulatory process.
The ABLE Act passed the Senate with a vote of 76-16, according to a Reuters article published on Dec 16, 2014.
The Arc advocates for and serves people with intellectual and developmental disabilities (I/DD), including Down syndrome, autism, Fetal Alcohol Spectrum Disorders, cerebral palsy and other diagnoses. The Arc has a network of nearly 700 chapters across the country promoting and protecting the human rights of people with I/DD and actively supporting their full inclusion and participation in the community throughout their lifetimes and without regard to diagnosis.
Loan Information for low income singles, families, seniors and disabled. Includes home, vehicle and personal loans.
Famous People with Disabilities - Well known people with disabilities and conditions who contributed to society.