|Posted:||April 8, 2015 04:27 PM|
|From:||Senator Christine M. Tartaglione and Sen. Andrew E. Dinniman|
|To:||All Senate members|
|Subject:||ABLE Accounts for People with Disabilities|
|In the near future, I intend to introduce legislation which would create the ABLE (Achieving a Better Life Experience) program in Pennsylvania to provide tax-free savings accounts for individuals with disabilities and their families. Recently, President Obama signed a law providing federal tax benefits for ABLE accounts; however, it is the responsibility of states to pass legislation that establishes and operates the ABLE program, so that residents may open these accounts.
Launching the ABLE program in the commonwealth would allow Pennsylvanians with disabilities and their families to set aside money to provide for the long-term care of their loved ones. For the first time, qualified persons who open an ABLE account would not lose their eligibility to receive public benefits, such as SSI and Medicaid.
Able account funds would be limited to qualified expenses, which would include any expenses related to the individual’s disability that are made for the benefit of the individual. These expenses may include:
• Employment training and support;
• Health, prevention and wellness;
• Financial Management and administrative services;
• Legal fees;
• Expenses for oversight and monitoring;
• Funeral and Burial expenses; and
• Other expenses approved through regulations.
I hope you will take this opportunity to provide for the financial future of disabled Pennsylvanians by co-sponsoring this important piece of legislation.
Introduced as SB726