SCHAUMBURG, Ill. – State Rep. Michelle Mussman, D-Schaumburg, recently hosted an informational event regarding the ABLE program, connecting area parents with a liaison from State Treasurer Michael Frerichs’ office. ABLE accounts are tax-exempt savings accounts for individuals with disabilities and their families. Income earned by and contributions made to the account are not taxed.
“The ABLE program is another financial tool for planning for the short and long term needs of individuals with special needs,” Mussman said. “People often don’t realize how expensive it can be for a family to provide reliable care, resources, and support to a family member with a disability. This program is a beneficial resource that assists qualifying families with saving and investing wisely.”
The Achieving Better Life Experience Act, or ABLE Act, amends the Internal Revenue Code to allow eligible individuals with disabilities and their families to establish a tax-exempt savings account that allows disbursements of income tax-free funds for ‘qualified disability expenses,’ including education, transportation, housing, obtaining and maintaining employment, personal support services, acquisition of assistive technology and health and wellness.
“In a time when social service programs are under attack from leaders in both Washington and Springfield, I want to make it clear to my neighbors that I will work to ensure that every family in my district has access to programs that can save money and ensure quality of life for their loved one.”
For questions about the program, call Mussman’s constituent service office at 847-923-9104 or e-mail email@example.com.