The bipartisan Achieving a Better Life Experience Act, introduced by Sen. Richard Burr (R-N.C.) to provide tax-free savings accounts to individuals with disabilities, recently gained its 60th cosponsor in the Senate.
“The ABLE Act is a commonsense piece of legislation that allows families of disabled children to have the same access to tax preferred savings accounts as the parents of college-bound kids,” Burr said. “I am very excited that we now have 60 Senators on board and can hopefully expect swift movement on the Senate floor to send this bill to the president.”
Burr introduced the ABLE Act with Sen. Bob Casey (D-Pa.). The measure would amend IRS tax code to provide access to tax-free savings accounts to cover expenses such as education, housing, medical and transportation to individuals with disabilities.
“This is a significant step forward for the ABLE Act and for the families of children with disabilities,” Casey said. “Now that this bill has 60 cosponsors, I’m urging the Senate to take action on it in the new year. The fact that only six bills in all of Congress have this many cosponsors is a sign of the overwhelming support for this effort to make a major difference in the lives of these families.”
The measure is intended to supplement – not supplant – benefits that are provided through private insurance, Medicaid, the beneficiary’s employer and other sources.