New Jersey, Washington Latest to Launch ABLE Accounts

According to Politico Pro:

“A savings account program benefiting people with disabilities throughout their lives has been adopted by 38 states and the District of Columbia, with New Jersey and Washington state the latest to launch.

Achieving a Better Life Experience was originally signed into law as part of the Tax Increase Prevention Act of 2014, H.R. 5771 (113). It permitted states to establish tax advantaged accounts for disability-related services. Eligible participants must be disabled in the eyes of the Social Security Administration or by a doctor before age 26.

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Rodriguez said he expects California, Arkansas and Mississippi to enact their programs soon, adding that there may be others.

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Another significant change may be coming: Bicameral ABLE legislation would increase the age threshold for eligibility from under 26 to under 46.

The Senate bill, S. 817 (115), was introduced by Bob Casey (D-Pa.), ranking member of the HELP Children and Families Subcommittee, and has nine co-sponsors. The companion measure, H.R. 1874 (115), has 35 co-sponsors; among them are 20 Democrats and 15 Republicans, including House Republican Conference Chairwoman Cathy McMorris Rodgers (R-Wash.).”

ANCOR is a lead supporter of both S.817 and H.R. 1874. To learn more on this topic, please consult our materials on this important legislation on our Digital Advocacy Page.