ABLE Act Signed
WASHINGTON, DC (December 19, 2014) — In an era of Washington gridlock, occasionally a ray of light breaks through and a silver lining appears on the horizon for the citizens of our great country. Such an event occurred quietly on December 19th, 2014 when President Barack Obama signed into law the Achieving a Better Life Experience (ABLE) Act after a long eight year campaign.
This new law will allow people with disabilities and their families to create a tax-free savings account up to $100,000 without risking eligibility for means-tested federal programs such as Social Security. The savings accrued in an individual’s ABLE account will not affect their Medicaid coverage. Modeled after the 529 college savings plans, any interest earned on the ABLE savings will be tax-free. Funds in an ABLE account may be used to pay for housing, health care, transportation, education and other expenses.
Last August, Pete Sessions spoke about the ABLE Act at a gathering in Dallas to celebrate Ability Connection’s Adaptive Aquatics Program. Congressman Sessions said “This legislation will help maintain the health and well-being of individuals with disabilities, allowing private contributions to their healthcare, education, housing and transportation, so that they can achieve employment and independence while growing to the best of their abilities.”
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