Krueger-Braneky encourages constituents to take advantage of ABLE Act
SWARTHMORE, Oct. 13 – State Rep. Leanne Krueger-Braneky, D-Delaware, is encouraging residents of the 161st Legislative District to explore their options for financial security through Pennsylvania’s Achieving a Better Life Experience Act, which soon will be fully operational.
“The ABLE program is a tremendous tool that can benefit individuals with disabilities and their families at a time when Pennsylvania really needs to focus more on disability-related issues and how we can improve the lives of those who live with them,” Krueger-Braneky said. “This will provide people with disabilities more financial independence and hopefully give them a helping hand in achieving the life they want and deserve.”
Pennsylvania’s ABLE Act was signed into law by Gov. Tom Wolf in April. It enables the creation of tax-exempt savings accounts specifically for people with qualified disabilities and their families and can be used for a wide-range of disability-related expenses without putting individuals at risk of losing eligibility for other important disability-related programs.
Under the new law, benefits of the program include:
- Savings of up to $14,000 each year;
- Tax-free growth;
- Use of the account to pay for a wide range of disability-related expenses;
- Federal and state income tax-free withdrawals when used for qualified disability expenses; and
- Exemption from the Pennsylvania inheritance tax.
Eligible uses of an ABLE account include payments toward health care, transportation, legal fees, education and housing, among other things. The ABLE program is administered by the Pennsylvania Treasurer's Office and modeled on section 529 of the Internal Revenue Code, which recognizes state-established savings programs to meet future college expenses.
Residents with questions are invited to contact Krueger-Braneky’s district office at (610) 534-6880 or sign up for updates and register for enrollment materials at www.PAABLE.gov.