The ABLE Accounts Act of 2009 – S. 493, H.R. 1205
The ABLE Accounts Act of 2009 – or Achieving a Better Life Experience Act – is designed to encourage individuals with autism (and other disabilities) and their families to save for disability-related expenses. The ABLE Act is meant to supplement rather than to replace benefits provided by other sources (including Medicaid and private insurance).
The ABLE Act authorizes “ABLE Accounts,” which are similar in many respects to existing 529 college savings plans. Provided certain rules are met, disability savings accounts will be exempt from federal taxation.
More information available at Autism Votes