Davidson applauds new law creating ABLE savings accounts
HARRISBURG, April 19 – State Rep. Margo Davidson, D-Delaware, joined Gov. Tom Wolf at a ceremony for the signing of a new law creating the ABLE savings account program.
Under the ABLE program, which stands for Achieving a Better Life Experience, families are encouraged to set aside tax-exempt funds for future costs related to the disability of a family member.
“As a member of the Autistic and Intellectual Disabilities Caucus, I’ve been a leader in making sure that all people, regardless of any challenge, have access to the highest possible quality of life,” Davidson said. “The number one concern for parents with special needs children is providing for their child after a parent’s death. This legislation gives parents peace of mind that their loved ones will have the resources and services they need throughout their lives.”
The ABLE program was authorized under section 529A of the Internal Revenue Code and allows tax-exempt ABLE savings accounts to be opened for eligible individuals for payment of qualified disability expenses.
Davidson was a co-sponsor of the House version of the bill, H.B. 1319, and as a member of the House Finance Committee, helped to craft the language of the bill and was instrumental in its passage.
Attn. editors: High resolution photos of the bill signing to accompany this release are available by clicking here.