OU Advocacy commends the House Subcommittee on Taxation and IRS Oversight for convening a hearing for the Achieving a Better Life Experience (ABLE) Act (S.313/H.R.647), and strongly supports the passage of this essential legislation in the 113th Congress.
Since its introduction in February 2013, OU Advocacy and Yachad, the National Jewish Council for Disabilities, have lobbied for the ABLE Act. The ABLE Act would amend Section 529 of the IRS Code of 1986 to create tax-free savings accounts for individuals with disabilities. The bill aims to ease financial strains faced by individuals with disabilities by making tax-free savings accounts available to cover qualified expenses such as education, housing and transportation.
The accounts established by the ABLE Act would allow individuals with disabilities to have full-time employment and still qualify for Medicaid, which in turn allows these individuals to take control of their finances and be fully participating members of the workforce. “This critical legislation is an important step in encouraging independence for individuals with disabilities,” says Nathan Diament, Executive Director of OU Advocacy.