Regulations Will Help Guide States in Implementing the ABLE Act
Today, U.S. Senator Bob Casey (D-PA) announced that, following a letter recently sent with Senators Amy Klobuchar (D-MN) and Richard Burr (R-NC), the Department of Treasury and the IRS have published the proposed regulations implementing the Achieving a Better Life Experience (ABLE) Act. The ABLE Act, which Casey worked to pass in 2014, established new tax-advantaged savings accounts to allow people with disabilities and their families to save for their futures and help cover important expenses like education, housing, and wellness.
“This is an important step for families who have a loved one with a disability,” Senator Casey said. “These rules will allow states to move forward on the ABLE Act so those with disabilities can begin to lay a foundation for a more secure future.”
The regulations include developing the specific rules under which an ABLE account may be opened, as well as the scope of eligible expenses. The ABLE Act provided six months for the completion of these rules.
Along with the Treasury’s regulations, states across the nation have quickly taken steps toward implementing the ABLE Act. Since January, twenty-five states have passed ABLE implementation legislation. Just last week, the Pennsylvania House Finance Committee approved a bill to establish ABLE programs in the state.