S. 313 113th Congress Senate

ABLE Act of 2013

Official title: A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family mem… Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family members with disabilities, and for other purposes.

Introduced: June 17, 2013 See on congress.gov

Taxation Bank accounts, deposits, capitalDisability and paralysisIncome tax deductionsIncome tax exclusion

More subjectsShow fewer subjects

MedicaidPoverty and welfare assistance

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 13, 2013

Read twice and referred to the Committee on Finance.

Feb 13, 2013

Introduced in Senate

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Latest action February 13, 2013

Read twice and referred to the Committee on Finance.

Plain-English summary Congressional Research Service

Achieving a Better Life Experience Act of 2013 or the ABLE Act of 2013 - 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, including higher education expenses, 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.

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