Congratulations and a big thank you to our Florida Congressmen, Ander Crenshaw and Kendrick Meek, who have introduced legislation to allow families to plan for their loved ones with some significant tax saings. Information on the bill follows. To see the bill in its entirety, click on H.R. 1205.
Disability Savings Accounts
The bipartisan Achieving a Better Life Experience Act of 2009 (ABLE Act), H.R.1205/S. 493, was introduced in both the House and Senate on February 26. The bills would allow individuals and families to establish special accounts for meeting the future needs of children and adults with disabilities. Funds in the accounts and expenditures which meet the requirements of the bills would not affect the individuals’ eligibility for federal benefits. Using these accounts, parents would be able to save funds for a child’s future in a manner similar to the special “529 accounts” currently used to save for a child’s future educational expenses. The House bill was introduced by Rep. Ander Crenshaw (R-FL) along with Representatives Patrick Kennedy (D-RI), Cathy McMorris Rodgers (R-WA), and Kendrick Meek (D-FL). The Senate bill was introduced by Senator Robert Casey, Jr. (D-PA) along with Senators Sam Brownback (R-KS), Richard Burr (R-NC), Christopher Dodd (D-CT), Orrin Hatch (R-UT), and Edward Kennedy (D-MA). The bills were referred to the House Ways and Means and the Energy and Commerce Committees and to the Senate Finance Committee. The Arc and UCP worked with the sponsors and with other supporting organizations on development of the bills.