House OKs bill to help families of disabled save

The U.S. House passed a bill Wednesday that seeks to ease the financial strains faced by individuals with disabilities by creating tax-free savings accounts to cover expenses such as housing, education, and transportation.

Rep. Greg Walden, R-Ore., is a co-sponsor of this bill, the Achieving Better Life Experience (ABLE) Act (H.R. 647), which passed the House with strong bipartisan support.

“Throughout Oregon’s Second District, I have met many individuals with disabilities, their families, and the volunteers who support them,” Walden said.

“Their spirit and dedication have inspired me to work hard to raise awareness and improve the lives of people with disabilities and their families. That’s why I am proud that the House has passed the ABLE Act with strong support. Individuals with disabilities and their families deserve access to tools that help ease the financial strain they face and allow them to save for the future, and this bill does just that.”

Advocates in Oregon praised passage of the bill.

“As the father of a child with disabilities, my family and I have repeatedly encountered federal roadblocks as we plan for our daughter’s future,” said James Naumes of Medford. “The ABLE Act would help level the playing field and give individuals with disabilities more opportunities to save money, work, and even live independently. My family would like to thank Greg Walden for helping pass this important bill in the House.”

Between college savings accounts, health savings accounts and individual retirement accounts, all other Americans have multiple tax-exempt accounts at their disposal as they plan for their future.

People with disabilities, on the other hand, can only save $2,000 in assets tax free- a rule that dates back to 1974. Walden said the policy limits opportunities for millions of Americans. The ABLE Act would level the playing field for individuals with disabilities and their families so that they, too, can save for the future.

With an ABLE account, individuals can save for a variety of essential expenses, including medical and dental care, education, community-based support services, employment training, assistive technology, housing and transportation. These types of savings, and the long-term security they bring, would help empower people to live independently, work, and go to college.

The ABLE Act now heads to the Senate, where 74 senators are cosponsors of this bill. For more information, please click here.