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

State Senator Scott Bennett’s (D-Champaign) initiative will create a tax exempt plan to assist individuals and families in saving money to cover expenses for people with disabilities.

“This initiative will help ensure our loved ones will live their lives with respect and dignity,” Bennett said. Without resources like this, many people with disabilities don’t have the opportunity to be financially independent.”

Senate Bill 1383 creates the Illinois Achieving a Better Life Expectancy 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.

Senate Bill 1383 was signed into law on Monday, July 27 and goes into effect January 1.

 
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