House Bill 1319, also known as the Achieving a Better Life (ABLE) Act, would allow for the creation of a tax-free savings account in Pennsylvania for individuals with disabilities. These savings accounts may be used to cover qualified expenses such as education, housing and transportation.
“A number of my colleagues played major roles in drafting and moving this legislation, including Finance Committee Chairman Bernie O’Neill; Reps. Dan Miller, Tom Murt and Todd Stephens; and their respective staffs,” Marshall said. “I’d like to thank them and the rest of my colleagues for their support of this legislation.”
The ABLE Act is intended to supplement, not supplant, benefits provided to individuals with disabilities and provide a mechanism for their families to prepare for their long-term care, Marshall added.
The legislation would allow for an account to be established similar to a PA 529 account and would follow all of the requirements and regulations of a traditional 529 qualified tuition program account. The funds contributed to these new accounts may only be used for qualified disability expenses as established by statute.
“The legislation mirrors the federal ABLE Act and will assist families in maintaining independence and quality of life for individuals with disabilities,” Marshall said.
Source: PA State Rep. Jim Marshall