Klobuchar Statement on Minnesota Launch of New Savings Accounts for People with Disabilities

Statement

Today, following the State of Minnesota's announcement that it will launch new, tax-advantaged savings accounts for people with disabilities, U.S. Senator Amy Klobuchar issued the following statement:

"I worked with a broad, bipartisan coalition in Congress to pass the ABLE Act because Americans with disabilities and their families shouldn't have to choose between living independent lives and saving for their future," said Klobuchar. "I'm proud to see our state on the forefront of implementing the law by opening these new savings accounts to the public and helping ensure all families have a fair shot at building a better life."

Klobuchar's legislation, the Achieving a Better Life Experience (ABLE) Act, was signed into law in December 2014 and allowed for the creation of the new tax-advantaged savings accounts. The new ABLE accounts will help many of the 600,000 Minnesotans with disabilities and their families save for the future and live independently while continuing to cover expenses like education, housing, and transportation. Thanks to the new accounts, people with disabilities and their families can set aside up to $14,000 per year for certain expenses without jeopardizing vital benefits from programs like Social Security and Medicaid.

Since this bill was signed into law in 2014, 16 states have opened ABLE accounts to the public.

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