WASHINGTON, DC -- House Speaker John Boehner (R-OH) today said the U.S. House of Representatives will vote this week on the ABLE Act, "a great bipartisan bill that will help many families." A vote could come as early as tomorrow on the bill, HR.647, which would allow tax-free savings accounts for people with disabilities.
Boehner made the announcement through a post on his website. He cited the broad support for the bill in Congress as well as from the disabilities community, including Bob Wright, co-founder of Autism Speaks.
“Families are looking for ways to finance things like an apartment, or a ride to work, or additional educational opportunities after high school that don't jeopardize other necessary services provided by federal programs," said Wright. "This bill creates a tool for families that could lead to a more independent and fulfilling life.”
You can help pass ABLE by urging your Members of Congress to vote YES this month. Take action HERE.
ABLE, or the Achieving a Better Life Experience Act, would amend the tax code to allow tax-free savings accounts to help finance disability-related needs. They would be similar to Section 529 college savings accounts and would eliminate, for ABLE accounts, the current $2,000 cap on savings for individuals with disabilities.
Under current law, people with disabilities who save more than $2,000 risk the loss of their Social Security, Medicaid and other benefits.
Sponsored by Rep. Ander Crenshaw (R-FL), the bill has attracted 381 of the 435 Members of the House as co-sponsors; the Senate version, S.313, sponsored by Sen. Bob Casey (D-PA), has 74 cosponsors.