The Achieving a Better Life Experience Act (ABLE Act)
What is the ABLE Act?
Individuals with disabilities face enormous and unimaginable financial struggles, yet do not enjoy the same financial planning tools as other Americans who are planning for college and retirement.
The ABLE Act (H.R. 647/S. 313), introduced in the 113th Congress by Congressman Crenshaw and Senator Bob Casey (D-PA), is federal legislation that aims to ease financial strains faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing, and transportation. The ground-breaking bill has earned more bipartisan, bicameral support than any other bill in Congress. (380 House co-sponsors, 74 Senate co-sponsors)
ABLE would supplement, but not supplant, benefits provided through private insurances, the Medicaid program, the supplemental security income program, the beneficiary’s employment, and other sources.
With ABLE in place, individuals with disabilities would no longer have to stand by and watch others use Internal Revenue Service-sanctioned tools to lay the groundwork for a brighter future. The ABLE Act would open the door to a brighter future for millions of Americans.