On Tuesday night, the U.S. Senate passed the Achieving a Better Life Experience (ABLE) Act, which U.S. Rep. Ander Crenshaw, R-Fla., has been working on since 2006.
The Senate passed the bill -- which creates tax-free savings accounts for disabled Americans for qualified expenses and which moved through the House earlier in the month -- on a 76-16 vote. It now heads to President Barack Obama who is expected to sign it into law. Floridas two senators -- Democrat Bill Nelson and Republican Marco Rubio -- voted to support the bill.
The ABLE Act was included in a tax extender renewal which drew the opposition of senators ranging from liberal U.S. Sen. Elizabeth Warren, D-Mass., to tea party favorite U.S. Sen. Tim Scott, R-S.C.. But that didnt dampen Crenshaws enthusiasm on Wednesday.
Senate passage of ABLE means another hurdle cleared for millions who deserve the same financial planning tools available to other Americans, said Crenshaw. We wouldnt be at this momentous turning point without bipartisanship and teamwork from the House, Senate, and hundreds of disability advocacy groups across the nation. Step-by-step with determination and focus, we turned a common-sense idea into a hard reality and opened the door to the American dream for so many. I look forward to the president signing this legislation into law.
The Senate version was sponsored by U.S. Sen. Bob Casey, D-Pa., and U.S. Sen. Richard Burr, R-N.C., and both of them said this week they expect Obama to sign the bill.
I could not be more proud of the support the ABLE Act has received from members of both parties in the House and Senate, and from all of the families who worked with us to achieve this historic goal, said Casey on Tuesday after the Senate passed his bill. From the beginning, the power of these families who want to save for their loved ones long-term care has propelled the ABLE Act forward. We believe that individuals across this country with disabilities have a lot of ability. I look forward to President Obama quickly signing this bill into law so that countless families and individuals can have the tools they need to live a full life and have a bright future.
Some have called the ABLE Act the most significant piece of legislation affecting the disabled since passage of the American Disabilities Act nearly 25 years ago, Burr said. I got involved in this effort nearly 8 years ago with Sen. Casey. Families of severely disabled children came to us expressing the critical need for an easy way to save for their childs future expenses, especially since many Americans with Down Syndrome and autism are now outliving their parents.
Most middle-class families dont have the money to spend on lawyers and financial planners to set up sophisticated trusts to make sure that their disabled child will be OK long after they are gone, Burr added. Whats worse, current federal law actually discourages parents from putting any assets in the name of their disabled child in fear of disqualifying them from federal programs down the road. Its utterly unacceptable that our current laws doom a child born with a disability to a lifetime of poverty and dependence. This is especially unfortunate when a parent or other family member has the resources and the desire to save and plan for that childs future expenses but are advised by lawyers and planners not to. The ABLE Act will take the first critical step in ending this injustice.
Reach Kevin Derby at kderby@sunshinestatenews.com or follow him on Twitter: @KevinDerbySSN
