|Posted:||December 12, 2014 03:24 PM|
|From:||Representative Dan L. Miller and Rep. Thomas P. Murt , Rep. Jim Marshall|
|To:||All House members|
|Subject:||Creating disability tax advantaged savings accounts per the federal ABLE Act|
|In the near future, we plan to introduce legislation that would enact tax advantaged savings accounts for individuals with a disability per the soon-to-be-finalized federal Achieving a Better Life Experience (ABLE) Act. These ABLE Accounts would be similar in design and regulation to our existing 529 college savings accounts, but will be a game changer to those families who are looking to support their loved ones with a disability as they would supplement and not supplant existing assistance.
The ABLE Act recently passed the House by a 404-17 vote, with all of our Pennsylvanian Congressional delegation either voting for it or co-sponsoring it. It has 75 bipartisan Senate cosponsors- including Senator Toomey and the bill’s author Senator Casey. All signs indicate that it will be on its way to the President’s desk soon and signed into law. Given its significance and need we must move forward as soon as possible to allow our citizens to take advantage of this program.
Too many Pennsylvanian families face severe and arbitrary hurdles when it comes to supporting their loved ones with disabilities. An overwhelming bipartisan majority in DC has realized that we need to provide them with more tools to do so, and in a manner that does not endanger Medicaid and SSI benefits. These supports are often insufficient to ensure dignity, safety, and opportunity.
At the end of last session, a resolution I sponsored urging Congress to pass the ABLE Act unanimously passed our Human Services Committee. I hope you will join us in this new session in bringing this important piece of legislation to reality.
Introduced as HB583