Casey Will Detail Next Steps for Implementation So Families Can Begin Saving
ABLE Has Been Called “…the broadest legislation to help the disabled in nearly a quarter-century.”
“I could not be more proud of the support the ABLE Act has received from members of both parties in the House and Senate, and from all of the families who worked with us to achieve this historic goal,” said Senator Casey. “From the beginning, the power of families like the ones here today from across Northeastern Pennsylvania has propelled the ABLE Act forward. We believe that individuals across this country with disabilities have a lot of ability. I look forward to President Obama quickly signing this bill into law so that countless families and individuals can have the tools they need to live a full life and have a bright future.”
The ABLE Act 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.