Senate leaders from both parties recently cosponsored a measure that would allow people with disabilities to access tax-advantaged savings accounts.
Senate Minority Leader Sen. Mitch McConnell (R-Ky.) and Senate Majority Leader Sen. Harry Reid (D-Nev.) cosponsored the Achieving a Better Life Experience Act. The measure was introduced in the Senate by Sen. Bob Casey (D-Pa.) and Sen. Richard Burr (R-N.C.), who said he was encouraged by the bipartisan support of the Senate leaders.
“The news (on Monday) that both Senate leaders have agreed to cosponsor the ABLE Act is giving new hope to the severely disabled and their families across America,” Burr said. “ABLE is a commonsense piece of legislation that helps parents of the severely disabled save and prepare for their child’s lifetime of expenses. With such broad bipartisan support in both houses of Congress, it is my hope that 2014 is the year we finally pass the ABLE Act.”
The bill would amend IRS code to allow people with disabilities to access tax-free savings accounts to cover qualified expenses like education, housing, medical and transportation.
The measure is intended to supplement, not replace, benefits provided through Medicaid, private insurers or other sources.
“I want to thank Sens. Reid and McConnell for signing on to the ABLE Act,” Casey said. “Having their support is critical to getting this legislation passed, and I’m hopeful that we’ll do just that in the coming months. The ABLE Act now has support from a strong majority in both parties because it is a commonsense approach that will help families of children with disabilities save and pay for their long-term care. Passing the ABLE Act will help give these families peace of mind in knowing that they can better save for their loved ones.”