A group of senators considered legislation on Wednesday that was co-sponsored by Sen. Richard Burr (R-N.C.) to amend IRS code to provide individuals with disabilities access to tax-free savings accounts.
The Achieving a Better Life Experience (ABLE) Act would enable parents and caregivers of individuals with disabilities to use tax-free savings accounts to pay for education, housing, medical and transportation costs, according to a press release.
The Senate Finance Subcommittee on Taxation and IRS Oversight considered the measure during a hearing on Wednesday.
In remarks prepared for the hearing, Burr said the ABLE Act has “unprecedented bipartisan support” with more than three-quarters of senators co-sponsoring the bill.
“It’s hard for me to find a reason why anyone would want to get in the way of a bill that allows the parents of a disabled child the opportunity to save their own money for their child’s future and to give that child a shot at financial independence,” Burr said. “As a father, I know that a piece of the American dream is what all of us want for our children. As our inspiring witnesses will share with us today, this dream for themselves and for their children is no less powerful.”
Burr said that after eight years of working on the bill, the time has come for Congress to approve it.
“It’s unfortunate, but in Washington we spend most of our time arguing over the issues that divide us,” Burr said. “For heaven’s sakes, let’s pass a bill that we all support, that we all know is sound public policy, and that we all believe will make a world of difference to families who are simply asking us for hope. We’ve been working together in good faith with all stakeholders to improve and perfect this bill for eight years, and its time has come. Let’s pass the ABLE Act, and let’s do it now.”
Rep. Ander Crenshaw (R-Fla.) introduced companion legislation in the House of Representatives.