H.R.3423 - ABLE Act of 2011

To amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family members with disabilities, and for other purposes. view all titles (3)

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All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family members with disabilities, and for other purposes. as introduced.
  • Short: ABLE Act of 2011 as introduced.
  • Short: Achieving a Better Life Experience Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
11/14/11
 
 
 
 
 
 
 

Official Bill Text Comment on about 13 Pages

Sponsor

Representative

Ander Crenshaw

R-FL

View Co-Sponsors (235)

Official Summary

11/15/2011--Introduced.Achieving a Better Life Experience Act of 2011 or the ABLE Act of 2011 - Amends the Internal Revenue Code to establish tax-exempt ABLE accounts to assist an individual with a disability in building an account to pay for qualified disability expenses. Defines "qu
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Official Summary

11/15/2011--Introduced.Achieving a Better Life Experience Act of 2011 or the ABLE Act of 2011 - Amends the Internal Revenue Code to establish tax-exempt ABLE accounts to assist an individual with a disability in building an account to pay for qualified disability expenses. Defines "qualified disability expenses" to include expenses for education, a primary residence, transportation, obtaining and maintaining employment, health and wellness, and other personal support expenses. Treats a qualified ABLE program and an ABLE account in the same manner as a qualified tuition program for income tax purposes (i.e., allowing a tax exemption for such program and an exclusion from gross income of amounts attributable to a contributor to or a beneficiary of a program account). Defines "qualified ABLE program" as a program established and maintained by a state agency under which a person may make contributions to an ABLE account established to pay for qualified disability expenses. Requires amounts in ABLE accounts to be disregarded in determining eligibility for Medicaid and other means-tested federal programs. Suspends the payment of supplemental security income benefits under title XVI (Supplemental Security Income) of the Social Security Act to an individual during any period in which such individual has excess resources attributable to an ABLE account.

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