Title
Calling upon the Congress of the United States to enact the ABLE Age Adjustment Act, offered by Senator Bob Casey, which would increase from 26 to 46 the age threshold at which individuals with disabilities could save into tax-favored accounts to pay for disability-related expenses.
Body
WHEREAS, Established under the Achieving a Better Life Experience Act of 2014, Achieving a Better Life Experience ("ABLE") accounts are tax-free savings vehicles for people with disabilities, serving a purpose similar to trusts set up to help children with disabilities, but without disqualifying them from government benefits or means-tested programs, like HUD housing assistance and Supplemental Nutritional Assistance Program ("SNAP"), also known as 'food stamps', among other resources; and
WHEREAS, The purposes of the original legislation were to "(1) encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life; and (2) provide secure funding for disability-related expenses of beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, title XVI (Supplemental Security Income) and title XIX (Medicaid) of the Social Security Act, the beneficiary's employment, and other sources"; and
WHEREAS, Under current law, someone with a disability the onset date of which is before their 26th birthday can open ABLE accounts; and
WHEREAS, In addition to being exempt from federal taxation, contributions can be deducted on state income tax returns, with Pennsylvanians able to save as much as $100,000, though those limits vary by state; and
WHEREAS, Of the roughly 93,000 ABLE accounts - containing over $759 million in savings - opened across the United States since their debut in 2017, the Pennsylvania Treasurer has estimated that Pennsylvanians opened about 5,300 accounts, with about $50 million saved; and
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