President Barack Obama signed U.S. Rep. Ander Crenshaws, R-Fla., Achieving a Better Life Experience (ABLE) Act into law at the end of last week.
Crenshaw has been fighting for the bill -- which creates tax-free savings accounts for disabled Americans for qualified expenses -- since 2006. The U.S. House overwhelmingly passed the bill at the start of the month. At the beginning of last week, the U.S. Senate passed the bill, which was included in a tax extender renewal, on a 76-16 vote. Floridas two senators -- Democrat Bill Nelson and Republican Marco Rubio -- voted to support the bill.
The ABLE Act is now law of the land, and a brighter future opens to millions of individuals living with disabilities, Crenshaw said at the end of last week. I am privileged to have been in a position to guide this reform from an idea into a law and never doubted we would reach our goal. Credit goes to fantastic teamwork from House and Senate members on both sides of the political aisle and determination from hundreds of advocacy groups across the nation. Their focus and drive to educate Capitol Hill on the need for this law made a key difference.
Positive achievements can be made by working together to improve the quality of life for those in need, Crenshaw added. The ABLE Act proves that. ... ABLE accounts open the door to financial peace of mind for so many. These Americans will no longer stand on the sidelines asking why cant I use IRS-sanctioned tools to put money away for my future like others. They will be in the game and playing to win.
The Senate version was sponsored by U.S. Sen. Robert Case, D-Pa., who weighed in on Friday afternoon after Obama signed the bill into law.
The ABLE Act has been a collaborative effort, Casey insisted, praising House Republicans like Crenshaw as well as Senate backers including U.S. Richard Burr, R-N.C., U.S. Sen. Orrin Hatch, R-Utah, and former U.S. Sen. Chris Dodd, D-Conn. Millions of Americans are currently living with disabilities, and many of them have also had to endure significant uncertainty about their ability to cover basic expenses in the future. They have struggled to keep up with the rising cost of housing, transportation and medical assistance. A growing number of Americans with disabilities are outliving their parents, and are forced to rely on government assistance when family support disappears. This is partly because Americans with disabilities have not had the same incentives to save that other Americans enjoy. The ABLE Act changes this unfair situation by creating tax-advantaged plans for disability-related incentives, and by allowing Americans with disabilities to save without losing eligibility for government programs.
Reach Kevin Derby at kderby@sunshinestatenews.com or follow him on Twitter: @KevinDerbySSN
