Milne Praises House for Passing ABLE Savings Account Legislation
HARRISBURG-- Rep. Duane Milne (R-Chester) joined colleagues in passing legislation that will help families facing the financial challenge of caring for individuals with disabilities.
“Caring for children and adults with special needs places a financial burden on a family that requires our help,” Milne said. “This legislation would allow their savings to grow tax-free so they can build extra money to be used exclusively for the costs associated with that care.”
House Bill 1319 would create a tax-free savings account to pay for qualified expenses associated with aiding an individual with disabilities, including transportation and education. These savings accounts are commonly referred to as ABLE savings accounts.
The legislation is intended to supplement, not supplant, benefits provided to individuals with disabilities and provide a mechanism for their families to prepare for their long-term care.
It would allow for an account to be established that is similar to a PA 529 account used for college savings, and would follow all of the requirements and regulations of a traditional 529-qualified tuition program account.
“This legislation would give parents and caregivers a financial tool that would aid in planning for the future expenses of an individual with disabilities,” Milne said.
The bill now moves to the Senate.
Representative Duane Milne
167th District
Pennsylvania House of Representatives
Media Contact: District Office
610-251-1070
DuaneMilne.com