Pennsylvania ABLE Act

Both houses of the Pennsylvania legislature have approved SB 879, the “Pennsylvania ABLE Act” (an unconsolidated statute), which allows the creation of “ABLE” savings accounts intended to qualify under IRC section 529A.  (“ABLE” is an acronym for “Achieving a Better Life Experience.”)

Section 529A allows the creation of savings accounts for people with disabilities that act somewhat like the education accounts authorized by section 529, except that it refers to “qualified disability expenses” instead of “qualified education expenses.”

Look for an article on the Pennsylvania ABLE Act and section 529A in the near future.

Update:  SB 879 was approved by the Governor on 4/18/2016, becoming Act No. 17 of 2016.

Print Friendly

Comments are closed.