|Posted:||June 2, 2015 12:04 PM|
|From:||Representative Jim Marshall|
|To:||All House members|
|In the near future I will be introducing legislation that will ease the financial stresses faced by individuals with disabilities by creating a tax-free savings account in the Commonwealth that may be utilized to cover qualified expenses such as education, housing and transportation. These savings accounts are commonly referred to as ABLE savings accounts.
Similar legislation has been introduced as HB 444 (Stephens) and HB 583 (D. Miller) however, after discussions with Chairman O’Neill of the Finance Committee as well as the prime sponsors of those two pieces of legislation, it was determined that the best course of action would be to introduce legislation that is the result of conversations between all stakeholders who have an interest in ABLE accounts.
This legislation is intended to supplement, not supplant benefits provided to individuals with disabilities and provide a mechanism for their families to prepare for their long term care. It will allow for an account to be established that is similar to a PA 529 account and will follow all of the requirement and regulations of a traditional 529 qualified tuition program account. The funds that are contributed to this new account may only be utilized for qualified disability expenses as established by statute.
I believe that this legislation will allow the Commonwealth to provide an additional tool to those who are planning for the future of an individual with disabilities.
Please consider joining me in sponsoring this important legislation.
Introduced as HB1319