WASHINGTON, DC – Today, Congresswoman Jackie Walorski (IN-02) supported helping individuals with disabilities by voting for H.R. 647, the ‘Achieving a Better Life Experience (ABLE) Act’. The bill, which Walorski co-sponsored, allows families to create tax-free savings accounts, similar to college savings accounts, for their child with disabilities to allow them to be economically self-sufficient when they enter adulthood.
“Many American families currently enjoy tax incentives to save for future expenses including college, retirement, and other life events,” said Walorski. “Sadly, our tax code does not provide the same options to people with disabilities, leaving them with few choices to save for their future.”
The legislation is intended to ease the financial strains faced by individuals with disabilities by amending Section 529 of the Internal Revenue Service Code to cover qualified expenses such as education, housing, and transportation. The bill does not replace, rather supplements the benefits provided through private insurance, Medicaid, the supplemental social security income program, the beneficiary’s employment, and other sources.
“This bill is about so much more than just a savings account,” Walorski said. “Finally, we can level the playing field for everyone, especially for the millions of Americans with autism and other disorders who want the ability to one day live on their own, receive an education and find a job.”
H.R. 647 passed the House by a vote of 404-17 and now heads to the Senate for further consideration.