The Americans with Disabilities Act was signed into law 33 years ago to protect people with disabilities from discrimination.
To help make it easier for disabled individuals with lower incomes to save, Sen. Bob Casey, D-Pa., who serves as chairman of the Senate Special Committee on Aging, is introducing a new proposal, called the ABLE MATCH Act.
The legislation would create a federal dollar-for-dollar match for new and existing ABLE accounts for individuals who earn $28,000 or less per year.
The tax-advantaged accounts allow for tax-free withdrawals for qualifying expenses, while investment gains may grow on a tax-deferred basis.
The ABLE program has been a "lifeline for thousands of people with disabilities across the nation," Casey said in a statement.
Persons:
Sen, Bob Casey, Long, Casey
Organizations:
Aging, Finance