House approves tax changes for Americans with disabilities

WASHINGTON (AP/KSNT) – The House has overwhelmingly passed a bill to allow Americans with disabilities to open tax-free bank accounts to pay for certain long-term expenses.

The 404-17 vote on Wednesday approves the most sweeping legislation to help the disabled since 1990, affecting as many as 54 million people. It now goes to the Senate, which was expected to move quickly in favor next week.

The legislation was striking for its wide-ranging support, with 85 percent of Congress listed as co-sponsors.

Among the sponsors is Kansas Congresswoman Lynn Jenkins (R) who says “(t)his legislation also makes an important improvement to the 529 plans that will give parents more control voer their children’s savings.”

“It is rare,” she says “for a bill to gain as much bipartisan support in both the House and the Senate as the ABLE Act has.”.

Under the measure, families would be able to set up tax-free savings accounts at financial institutions to pay for expenses such as education, housing and health care. Supporters say it would especially benefit those who require intensive forms of care and help the disabled become financially independent.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s