ABLE Act Co-Sponsors Update
The Achieving a Better Life Experience (ABLE) Act (S 313/H.R. 647) has reached an unprecedented number of Congressional co-sponsors: 316 in the House and 51 in the Senate. With more than half of the U.S. Congress supporting the bill, Congressman Ander Crenshaw (R- FL) and Senator Robert Casey (D-PA) and a bipartisan, bicameral group of bill co-sponsors and supporters called on Congress to pass the ABLE Act and provide an improved quality of life for individuals with disabilities through tax-free savings accounts.
The legislation would amend Section 529 of the Internal Revenue Service Code of 1986 to create 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 expenses. 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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