ABLE ACT: What is it ? Why is it important? May 27, 2015 Liz Weintraub and Kim Musheno.

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Presentation transcript:

ABLE ACT: What is it ? Why is it important? May 27, 2015 Liz Weintraub and Kim Musheno

HISTORY Parent Down Syndrome Bipartisan effort Introduced in 113 th congress Board organized support Signed into “Law of the land”

Some facts: 14,000 Not a regular account Tax advantage savings account Similar to a college account Who can qualify for it? One person 26 years

States 14 states have signed legislation 40 states with ABLE legislation 9 states not introducing legislation 2 “died”

What can ABLE account be use for?  12 things that the account can used for:

Who can open an account? Depends on different state laws, however IRS allows people w/ disabilities to open an account Age 26 Receiving SSI benefits

Why have the ABLE ACT? “We live in a nation where everyone has the right to reach for the full potential. The ABLE act will give people with disabilities and their families in Maryland and across the country, the opportunities to take of their own lives and their future. It is based on the ideals that make America great and I’m proud to be part of this effort “ Representative Chris Van Hollen D-MD

Resources: ABLE National Resource Center center-presents-a-free-webinar-understanding-able/ center-presents-a-free-webinar-understanding-able/ Marty Ford and Taylor Woodard

Contact information Liz Weintraub Advocacy Specialist Kim Musheno Director of Public Policy