The ABLE Act, which Klobuchar helped champion through the U.S. Congress, was signed into law by the president in December, and allows for the creation of new tax-advantaged savings accounts so that people with disabilities and their families can save for their futures and help cover important expenses like education, housing, and transportation

Now that Governor Dayton has signed a Minnesota bill into law to implement the ABLE Act in the state, Minnesotans with disabilities will soon be able to take advantage of the federal law, open ABLE accounts, and save for the future

Washington, DC – U.S. Senator Amy Klobuchar announced that Minnesotans with disabilities will soon be able to establish tax-advantaged savings accounts under the Achieving a Better Life Experience (ABLE) Act, which has been signed into law by Minnesota Governor Mark Dayton. The ABLE Act, which Klobuchar helped champion through the U.S. Congress, was signed into law by President Obama in December. The law allows for the creation of new tax-advantaged savings accounts so that people with disabilities and their families can save for their futures and help cover important expenses like education, housing, and transportation. Without the ABLE Act, individuals with disabilities face barriers to finding and holding employment and living independently because their access to certain safety-net programs can be lost once they establish a minimum level of savings and income. Now that Governor Dayton has signed into law a bill to implement the ABLE Act in the state, Minnesotans with disabilities will soon be able to take advantage of the federal law, open ABLE accounts, and save for the future.

“Americans with disabilities and their families should be able to save for their future without the risk of losing the services they count on,” Klobuchar said. “The ABLE Act will help Americans with disabilities build a better life by giving them a cost-effective way to save for expenses like education, housing, and transportation. I worked with a broad bipartisan coalition in Congress to pass legislation that allows the creation of these savings accounts, and I am pleased that Minnesota is taking action to ensure families across the state can realize its benefits soon.”

The ABLE Act is supported by more than 70 organizations and health care professionals, including the American Association of People with Disabilities, the Autism Society of America, Autism Speaks, the Brain Injury Association of America, Easter Seals, the National Association of Councils on Developmental Disabilities, the National Disability Institute, the National Down Syndrome Society, the National Federation of the Blind, and The ARC.

The federal ABLE Act allowed for the creation of ABLE accounts, but each state must pass legislation and create regulations to set up an ABLE program before residents can participate. Now that the ABLE Act has become law in Minnesota, the Department of Human Services will develop the regulations governing the accounts. The U.S. Treasury Department is also expected to issue regulations soon.

 

###