Sixteen states now have ABLE programs, which allow people with disabilities to set aside up to $14,000 a year in tax-fre...Read more
House Approves ABLE, Action Moves to Senate
- December 6th, 2014
The House of Representatives approved the ABLE Act on December 3 and action is needed to ensure that the Senate passes the bill as early as next week.
The Achieving a Better Life Experience (ABLE) Act allows people with disabilities to create tax-free savings accounts that can be used to pay for education, housing and health care among other expenses. A person with disabilities can deposit up to $14,000 a year into the account, which won't compromise the ability to qualify for Supplemental Security Income (SSI) or Medicaid benefits as long as the account balance remains under $100,000. However, a person's disability must have manifested itself before she turns 26 in order for her to be able to establish an account, leaving out a large group of adults who became disabled later in life.
According to an article in USA Today, Speaker of the House John Boehner (R-Ohio) thinks that the Senate could take up the bill the week of December 8. Although Speaker Boehner believes that the bill is "in a very good position" in the Senate, it is still imperative for advocates who believe in ABLE to contact their senators and urge them to pass ABLE immediately. Click here for a list of senators with contact information.
Last Modified: 12/06/2014