12/2014 – ABLE Act is Now Law

12/2014 – ABLE Act is Now Law

On Friday, December 19, 2014, President Obama signed the ABLE Act into law. It was part of a larger bill of end of year tax provisions approved by Congress in the closing days of the session. ABLE stands for Achieving a Better Life Experience.

The ABLE Act legislation has long been championed by disability organizations as a key to providing a pathway to a better economic future for persons with disabilities and their families. In an effort to encourage and assist individuals with disabilities and their families, the ABLE Act allows families to set funds aside in a tax-advantaged savings account that allows the funds to be withdrawn to cover costs of health care, employment support, housing, transportation, the purchase of technology and lifelong education. The funds will supplement but not replace benefits provided through Medicaid, Social Security and private insurance, allowing families with sons or daughters with significant disabilities a means to provide for extra costs associated with every day activities and community participation. The income earned on amounts contributed to an ABLE Account would be tax exempt and not counted as part of any asset limits for eligibility to federal programs.

Information pulled from and read more:

ABLE Act is Now Law

http://insider.thearc.org/tag/achieving-a-better-life-experience-able-act/

http://www.realeconomicimpact.org/Public-Policy/ABLE-Act.aspx

http://www.ndss.org/Advocacy/Legislative-Agenda/Creating-an-Economic-Future-for-Individuals-with-Down-Syndrome/Achieving-a-Better-of-Life-Experience-ABLE-Act/

http://www.local8now.com/home/headlines/New-law-allows-for-tax-free-savings-accounts-for-disabled-children-286716151.html

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