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White Plains, NY 10606
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Tax-Exempt Savings Accounts for Individuals with Developmental Disabilities
In March, Senator Dodd (D-CT) and Senators Casey (D-PA) and Hatch (R-UT) introduced legislation into Congress that would enable family members of individuals with developmental disabilities to create disability savings accounts and financial security accounts for their loved ones.
Senator Dodd's bill, the Disability Savings Act of 2008, calls for the creation of disability savings accounts that are exempt from taxation if under $250,000. The purpose of this bill is to encourage individuals with disabilities and their families to save private funds to support and assist them in maintaining their health, independence, and quality of life. It will also secure funding for disability-related expenses, particularly those not covered by private insurance or Medicaid.
The Financial Security Accounts for Individuals with Disabilities Act of 2008, introduced by Senator Casey, Senator Hatch, would create financial security accounts. These accounts would be exclusively for paying qualified expenses of an individual with disabilities, who is the designated beneficiary of the account. These accounts would also be exempt from taxation.
All of this legislation serves to further the idea that individuals with disabilities are a major part of American society, and deserve the right to live independently, to fully participate in their communities and to exert control and choice over their own lives. These bills encourage all of these ideals and take into account the fact that individuals with disabilities incur significant additional costs for services necessary for their care and need additional help to maintain their independence.
If you would like to view the full text of these bills, please use the links below:
» S.2741 Disabilitity Savings Act of 2008
» S.2743 Financial Security Accounts for Individuals with Disabilities
Act of 2008
» H.R.2370 Financial Security Accounts for Individuals with Disabilities
Act of 2007