The Achieving a Better Life Experience (ABLE) Act was signed into law on December 19, 2014 by President Obama. ABLE amends the federal tax code to allow families the opportunity to set up tax-exempt 529A savings accounts for disability-related expenses. Modeled after college savings accounts, ABLE accounts will enable people with autism and their families to save for housing, education, transportation, medical and other expenses if related to their disability. This allows individuals with disabilities, including autism, to save for their future needs without losing access to other resources.
As stated by Senator Richard Burr of North Carolina, "some have called the ABLE Act the most significant piece of legislation affecting the disabled since passage of the American Disabilities Act nearly 25 years ago.” The bill was supported overwhelmingly in both chambers of Congress and by both parties across the aisle. This accomplishment took nearly a decade to achieve, with countless hours of negotiations and with the dedication of thousands of advocates.
The states -- which manage Section 529 programs--must now incorporate ABLE into their programs. Autism Speaks advocates are working tirelessly to ensure that the programs are available to families across the county.
Helpful ABLE Links: