Jacksonville Advocates Laud New Law Allowing Tax-Free Saving For Disability Costs
President Barack Obama has signed into law what’s being called the greatest advance in disability protection in 25 years. Northeast Florida Congressman Ander Crenshaw (R-FL4) has been pushing for passage of the Achieving a Better Life Experience Act, or ABLE Act, for nearly a decade.
“He is looking now at moving out and having his own apartment," she says, "and now we can do that, we can save and make that dream a reality for him.”
That’s because the new federal law will allow parents to save up for disability-related expenses with a tax-free account.
Jacksonville-based Congressman Ander Crenshaw has introduced the bill for the past eight years. Crenshaw says people with disabilities should be able to save up like anyone else.
"We allow people to have tax-free savings accounts to save for education. We call those 529 accounts. We allow individuals to have tax-free savings accounts for retirement. That’s called an IRA," Crenshaw says.
He says the ABLE Act passed both houses of Congress with more bipartisan support than any other bill this year.