The U.S. Senate passes the ABLE Act
The Achieving a Better Life Experience (ABLE) Act of 2014Dec 17, 2014The ABLE Act would allow people with disabilities to establish special accounts where they could save money to pay for education, health care, transportation, housing and other expenses. Individuals could deposit up to $14,000 annually under current gift-tax limitations and accrue as much as $100,000 without risking eligibility for Social Security and other government programs.
Lawmakers voted 76 to 16 to approve the bill as part of a package of tax measures on Tuesday, December 16, 2014.
The U.S. Senate has voted overwhelmingly to establish a new way for people with disabilities to save money without risking their government benefits.
The legislation will now go to President Barack Obama to sign.
A Bill summary of the ABLE Act can be found here: http://thomas.loc.gov/cgi-bin/bdquery/z?d113:h.r.5771: