WASHINGTON—After a push from U.S. Sen. Amy Klobuchar, D-Minn., the U.S. Department of the Treasury released regulations to give Minnesota and other states the guidance they need to implement the Achieving a Better Life Experience Act.
The ABLE Act, which Klobuchar helped through Congress, establishes new tax-advantaged savings accounts to allow people with disabilities and their families to save for their futures and help cover important expenses like education, housing and wellness. Since the bill was signed into law in December, Minnesota and 26 other states have passed legislation to implement the law. Gov. Mark Dayton signed the Minnesota bill into law in May so that Minnesotans with disabilities will be able to take advantage of the federal law, open ABLE accounts, and save for the future. Klobuchar sent a bipartisan letter with Senators Bob Casey, D-Pa., and Richard Burr, R-N.C., earlier this month urging the Treasury Department to issue regulations for the ABLE Act so that states have the guidance they need to launch ABLE programs and families in Minnesota and across the country can realize the law's benefits.
"The ABLE Act will help Americans with disabilities and their families build a better life by giving them the opportunity to plan and save for their future through tax-advantaged savings accounts," Klobuchar said in a news release. "I worked with a bipartisan coalition in Congress to pass legislation to create these savings accounts, and I am happy that our state took action so quickly to ensure that Minnesotans with disabilities can take advantage of the federal law. These regulations will help give states guidance as they implement the ABLE Act, putting Minnesota families a step closer to realizing the benefits of this historic legislation."