Rep. Jim Renacci (OH-16) today released the below statement following the Ways & Means Committee’s passage of the Achieving a Better Life Experience Act (ABLE) Act, a bill that allows individuals with disabilities and their caregivers to set up tax-free savings accounts in order to save for their own costs of medical care, housing, transportation, and continued education.

“Many parents living in Ohio’s 16^th District have expressed the challenges they face when it comes to covering the costs associated with health care, education, and everyday living expenses for their children. The challenge is even greater for parents with a child who has a disability. As a cosponsor of the ABLE Act, I understand how important it is to provide individuals with a disability and their parents the opportunity to keep more of their hard-earned money. I look forward to seeing this important bill come to the House floor for a vote.”

The ABLE Act amends the Internal Revenue Code to establish tax-exempt ABLE accounts to assist an individual with a disability in building an account to pay for qualified disability expenses. It defines "qualified disability expenses" to include expenses for education, including higher education expenses, a primary residence, transportation, obtaining and maintaining employment, health and wellness, and other personal support expenses. It has over 370 cosponsors and is supported by more than 70 organizations, including the American Association of People with Disabilities, the Autism Society of America, Autism Speaks, the Brain Injury Association of America, Easter Seals, National Association of Councils on Developmental Disabilities, and the National Disability Institute.