H.R.647 – ABLE Act of 2014

ableH.R. 647, the ABLE Act,  is also known as the “Achieving a Better Life Experience” act. It is sponsored by Rep. Crenshaw (R-FL); it was introduced on Feb. 13, 2013. It currently has 380 cosponsors; Rep. Reed became a cosponsor on July 30, 2014, one of the last to join. Here is the CRS summary:

Achieving a Better Life Experience Act of 2013 or the ABLE Act of 2013 – Amends the Internal Revenue Code to establish tax-exempt ABLE accounts to assist an individual with a disability in building an account to pay for qualified disability expenses. Defines “qualified disability expenses” to include expenses for education, including higher education expenses, a primary residence, transportation, obtaining and maintaining employment, health and wellness, and other personal support expenses.

Treats a qualified ABLE program and an ABLE account in the same manner as a qualified tuition program for income tax purposes (i.e., allowing a tax exemption for such program and an exclusion from gross income of amounts attributable to a contributor to or a beneficiary of a program account). Defines “qualified ABLE program” as a program established and maintained by a state agency under which a person may make contributions to an ABLE account established to pay for qualified disability expenses.

Requires amounts in ABLE accounts to be disregarded in determining eligibility for Medicaid and other means-tested federal programs. Suspends the payment of supplemental security income benefits under title XVI (Supplemental Security Income) of the Social Security Act to an individual during any period in which such individual has excess resources attributable to an ABLE account.

With 380 cosponsors, this bill would have surely passed if GOP misleaders had allowed a vote. Could the GOP be holding this popular bill to the last minute with the intention of attaching a special interest item?

© William Hungerford – November 2014

https://www.congress.gov/bill/113th-congress/house-bill/647

http://america.aljazeera.com/opinions/2014/11/disabled-employmentsocialsecurityachievingabetterlifeact.html

http://www.usatoday.com/story/news/politics/2014/11/26/congress-able-act-passage/70099696/

http://www.heritage.org/research/reports/2014/11/how-the-able-act-would-expand-the-welfare-state

 

 

 

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About whungerford

* Contributor at NewNY23rd.com where we discuss the politics, economics, and events of the New New York 23rd Congressional District (Allegany, Cattaraugus, Chautauqua, Chemung, (Eastern) Ontario, Schuyler, Seneca, Steuben,Tioga, Tompkins, and Yates Counties) Please visit and comment on whatever strikes your fancy.
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3 Responses to H.R.647 – ABLE Act of 2014

  1. solodm says:

    More likely perhaps to be holding on to it until they are ensconced in power, then –
    “it was all their idea”.

  2. whungerford says:

    Majority Leader’s schedule for the week of Dec. 1–Possible consideration of H.R. 647 – ABLE Act of 2014
    http://www.majorityleader.gov/floor/

  3. whungerford says:

    Considered on Dec. 3 as unfinished business. H.R. 647 — “To amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family members with disabilities, and for other purposes.”
    On passage Passed by the Yeas and Nays: 404 – 17 (Roll no. 545).

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