wave usa flag 1383225090826SPRINGFIELD- Illinois families worried about the financial security of loved ones living with disabilities could soon have another resource to promote their independence.  

State Senator Scott Bennett (D-Champaign) passed Senate Bill 1383, which creates a tax exempt plan to assist individuals and families in saving money to cover the expenses for people with disabilities.

“We all want our loved ones to be able to live their lives with respect and dignity. This legislation empowers Illinois residents to provide a stable future to family members with disabilities,” said Bennett. “The flexibility of the plan makes it easier for families to save money and make important life decisions for their future. “

SB 1383 creates the Illinois Achieving a Better Life Experience Act (ABLE Act), which creates accounts similar to tax-advantaged college saving plans where income earned in the account is not taxable.

This legislation comes after the federal government passed the Achieving a Better Life Experience Act of 2014 with bipartisan support. Last week, Virginia was the first state to enact the program since the federal legislation was passed.

The Treasurer’s office would be responsible for creating ABLE accounts in accordance with federal rules and regulations. The accounts can be used to pay for qualifying expenses such as education, health, housing and transportation costs.

"I chose a life of public service to help Illinois families. Today, I am proud of the members of the Senate for passing legislation that helps ease financial strain on these families,” Illinois Treasurer Michael Frerichs said. “With the ABLE Account program, we can help individuals with disabilities get the tools necessary to attain financial stability and independence."

SB 1383 passed the Senate with bipartisan support and now moves to the House for consideration

 
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