The House of Representatives on Wednesday passed a bill introduced by Sen. Richard Burr of North Carolina and Sen. Bob Casey, D-Pa., that would allow parents of severely disabled children to save for their long-term care through tax-favored savings accounts similar to 529 accounts used for college savings.
Now the measure, called the ABLE (Achieving a Better Life Experience) Act, will go to the Senate, where it has 75 sponsors, including Burr and Casey.
Burr and Casey first introduced the measure in 2009 and it has stalled since then, even though it has had a lot of bipartisan support. Burr’s office issued a copy of a Politico story that reported that the bill has few opponents now and it’s possible it will pass both chambers before the end of the year.
Burr, the state’s senior Republican senator from Winston-Salem, said in a statement: “I am incredibly pleased that the House passed the ABLE Act this evening. Families of individuals with disabilities often face overwhelming financial burdens associated with the expensive costs of healthcare, education, housing and transportation.
“The ABLE Act will make it easier for parents of disabled individuals to invest in their child’s future, thereby opening the door to a world of opportunities,” he added. “I am confident the Senate will swiftly pass the ABLE Act”
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