US SB1872 | 2011-2012 | 112th Congress
Status
Spectrum: Slight Partisan Bill (Democrat 28-12-1)
Status: Introduced on November 15 2011 - 25% progression, died in committee
Action: 2011-11-15 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on November 15 2011 - 25% progression, died in committee
Action: 2011-11-15 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
ABLE Act of 2011
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2011-11-15 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3423 (Same As) 2011-11-18 - Referred to the Subcommittee on Health.
Subjects
Bank accounts, deposits, capital
Disability and paralysis
Income tax deductions
Income tax exclusion
Medicaid
Poverty and welfare assistance
Taxation
Disability and paralysis
Income tax deductions
Income tax exclusion
Medicaid
Poverty and welfare assistance
Taxation
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/112th-congress/senate-bill/1872/all-info |
| Text | https://www.congress.gov/112/bills/s1872/BILLS-112s1872is.pdf |
