Vela Votes for ABLE Act

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December 4, 2014                                                                                     Brenda Lopez 956.544.8352

PRESS RELEASE: Vela Votes for ABLE Act

Bill helps families with children with disabilities

WASHINGTON, D.C. – U.S. Congressman Filemon Vela, D-Brownsville, on Wednesday afternoon voted for the ABLE Act in the U.S. House of Representatives.  Vela is an original co-sponsor of the legislation. The bill passed 404 to 17.

H.R. 647, Achieving a Better Life Experience (ABLE) Act, adds a new section to the IRS Code to allow tax-preferred savings accounts for individuals with disabilities.

“Currently, families with individuals with disabilities face unimaginable financial struggles,” said U.S. Congressman Vela.  “Parents across Texas and the nation are faced with financial burdens associated with costs of transportation, housing and education.  The ABLE Act provides peace of mind and fairness to families of children with disabilities.  I am proud to have co-sponsored and voted for this bill.”

The ABLE Act is designed to provide parity for families with individuals with disabilities.  Currently, families can save for their children’s education through tax-favored 529 education savings accounts, but parents of disabled children do not have access to the same federal and state tax benefits to save for their children’s future expenses.

The ABLE Act adds a new section, 529A, to the IRS Code to create tax-preferred savings accounts for individuals with disabilities for qualified expenses.  Beneficiaries will be able to make tax-free transactions to cover basic needs like education, housing, transportation and health care.  The ABLE Act also ensures continued access to Medicaid regardless of the amount in the ABLE account.

The ABLE Act is supported by the following organizations:

National Federation of the Blind

National Down Syndrome Society

National Down Syndrome Congress

Autism Speaks

Autism Society

National Organization on Disability

National Association of State Directors of Developmental Disabilities Services

National Organization of Nurses with Disabilities

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