News Column

House Ways and Means Committee to Act on Crenshaw's ABLE Act on Thursday, July 31

July 29, 2014



WASHINGTON, July 29 -- Rep. Ander Crenshaw, R-Fla. (4th CD), issued the following news release:

Congressman Ander Crenshaw (R-FL), author of the Achieving a Better Life Experience Act (ABLE Act - H.R. 647, S.313), today (7/29) announced that the House Ways and Means Committee will vote on H.R. 647 on Thursday, July 31 - a signal of further momentum and support to enact his legislation to create tax-free savings accounts for individuals with disabilities.

The mark-up of H.R. 647 will take place at 10:15 a.m. in Room 1100 of the Longworth House Office Building.

"More than three-quarters of the Members of the House and Senate have co-sponsored this landmark bill, and a July 24Senate Finance Subcommittee hearing shed more light on the need for the ABLE Act," said Crenshaw, chairman of the House Financial Services and General Government Appropriations Subcommittee. "Now, on Thursday, July 31, the House Ways and Means Committee will consider the legislation. Step by step, with focus and determination, we are adding more information to the record and further opening the door to turn ABLE from legislation into the law of the land. We will level the playing field for individuals with disabilities and their families so they can take advantage of the same financial planning tools that are available to other Americans."

BACKGROUND: The ABLE Act would create tax-free savings accounts for individuals with disabilities to use for qualified expenses such as education, housing, medical, and transportation. The legislation has earned the support of more than half of the United States Congress (375 House co-sponsors and 74 Senate co-sponsors) and more than 100 local, state, and national disability advocacy organizations.

The legislation, first introduced in 2006, would amend Section 529 of the Internal Revenue Service Code to 1986 to create tax-free savings accounts for individuals with disabilities. The bill would supplement, but not supplant, benefits provided through private insurance, the Medicaid program, the beneficiary's employment, and other sources.

For further information on Crenshaw's record to enact the ABLE Act, go to www.crenshaw.house.gov.

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