Disability Scoop, November 15, 2011 - "A bill that’s expected to be introduced in Congress Tuesday would give families a new way to save money for people with disabilities without jeopardizing government benefits.
The legislation known as the Achieving Better Life Experience Act, or ABLE Act, would create savings accounts that could be used to pay for education, health care, transportation, housing and other expenses for people with disabilities.
A bipartisan group of legislators plans to announce that they will introduce the bill in the U.S. House of Representatives and the Senate at a noon press conference Tuesday on Capitol Hill where they will be joined by representatives of the National Down Syndrome Society, Autism Speaks, The Arc and other groups.
Under the legislation being proposed, up to $100,000 could be deposited into a so-called ABLE account without compromising access to government benefits from Social Security, Medicaid and other programs.
The accounts are modeled after the popular 529 college savings plans, which can be opened at any financial institution. Interest earned on funds within the accounts would be tax-free.
“Our tax code currently provides advantages to help Americans save for college and retirement, yet people with disabilities do not enjoy those same financial planning tools,” said Rep. Ander Crenshaw, R-Fla., who’s sponsoring the House bill. “No longer would individuals with disabilities have to stand aside and watch others use IRS-sanctioned tools to lay the groundwork for a brighter future. They would be able to as well.”
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