The Tax Cuts and Jobs Act includes two provisions that enhance ABLE accounts for the disabled, which were set up under the Achieving a Better Life Experience Act of 2014 — the ABLE to Work Act and the ABLE Financial Planning Act.
Natasha Hickman, a senior advisor to Sen. Richard Burr, R-N.C., told state treasurers at their legislative conference in Washington on Feb. 12 that Burr, who introduced the two Acts a couple of years ago, “was able to get these provisions” into the Tax Cuts and Jobs Act.
Getting the ABLE Act passed was an eight-year process, Hickman said, “and evolved over time, but the key goal was to allow families who have a child with a disability to have a savings ability, like folks who were saving for college.”
“We’re now three years out from the passage of the ABLE Act; we’re seeing it implemented, and it’s something we’re very excited about.”
Since its passage in 2014, the Act has been updated three times, Hickman added, with the most recent changes in the tax law that passed in December.