|
As reported by INARF’s national partner ANCOR, the lead sponsors of the Achieving a Better Life Experience (ABLE) Act have introduced three bills to make changes to the program in both the U.S. Senate and the House of Representatives. Senators Bob Casey (D-PA) and Richard Burr (R-NC), and Representatives Ander Crenshaw (R-FL), Chris Van Hollen (D-MD), Cathy McMorris Rodgers (R-WA), and Pete Sessions (R-TX) have each sponsored or co-sponsored all three bills in their respective chambers. The ABLE Age Adjustment Act (S. 2704, H.R. 4813) would raise the age limit for eligibility for ABLE accounts to individuals disabled before age 46. Currently, only individuals with a severe disability prior to the age of 26 are eligible to open an ABLE account. The ABLE Financial Planning Act (S. 2703,H.R. 4794) would allow families to rollover savings from a Section 529 college savings plan to an ABLE account. The ABLE to Work Act (S. 2702, H.R. 4795) would allow an ABLE beneficiary who earns income from a job to save up to the Federal Poverty Level, which is currently at $11,770, in their ABLE account. The bill would also allow ABLE beneficiaries to qualify for the existing Saver's Credit when they put savings in the account.
Indiana Senate Bill 11, which established Indiana’s ABLE program, was signed into law by Governor Pence, becoming Public Law 12-2016 (P.L. 12-2016) on March 21. Comments are closed.
|
Archives
July 2021
|
RSS Feed
