A press release by Rep. Crenshaw is below the jump.
---------------------------------------------------------------------------
WASHINGTON, DC -- Congressman Ander Crenshaw, chairman of the House Financial Services and General Government Appropriations Subcommittee, issued the following statement regarding the announcement that the House will consider the Achieving a Better Life Experience Act (ABLE Act – H.R. 647/S.313) in early December. He is the House-side author of the federal legislation.
“The ABLE Act is headed for a vote in December – testament to the wide-spread support for millions who face the daily struggle of living with disabilities. They deserve the same financial planning tools available to other Americans. My bill gives them just that by empowering families to live healthy and independent lives through tax-free savings accounts.
“Step-by-step with focus and teamwork, ABLE has earned more bipartisan, bicameral support than any other bill in Congress, and I’m excited for its passage. Easing financial strains through tax-free savings accounts for qualified expenses such as medical, post-secondary education, housing, and transportation, the ABLE Act would provide a brighter future for millions of Americans.
“No longer would they have to stand by and watch others use Internal Revenue Service-sanctioned tools that are unavailable to them. The playing field would finally be level. It creates incentives to employment for individuals with disabilities by allowing them to contribute to their own ABLE accounts and seek out employment opportunities without the fear of losing benefits.”
BACKGROUND:
H.R. 647/S. 313 has the support of a majority of Congress (380 House co-sponsors, 74 Senate co-sponsors) and would amend Section 529 of the Internal Revenue Service Code of 1986 to create tax-free savings accounts for qualified expenses. Benefits provided through private insurance, the Medicaid program, the beneficiary’s employment, and other sources would be supplemented, but not supplanted by the legislation.
