SOURCE: Pennsylvania Treasury

Pennsylvania Treasury

April 13, 2016 15:41 ET

PA Treasurer Reese Praises Passage of ABLE Account Program Act

Legislation Will Establish Tax-Free Savings Accounts for People With Disabilities and Their Families

HARRISBURG, PA--(Marketwired - April 13, 2016) - Pennsylvania Treasurer Timothy Reese today released the following statement on the final passage of the PA ABLE (Achieving a Better Life Experience) Account Program Act.

"I commend the House and the Senate for passing legislation establishing the PA ABLE Savings Account Program. ABLE will help ease the financial burden facing disabled individuals and their families. This program will provide tax-free savings accounts that allow people to save for a wide range of disability-related expenses including health care, housing, education and transportation without jeopardizing their eligibility for other critical programs.

"I look forward to working with the administration as soon as the governor signs the legislation. Treasury is ready to work immediately on this new program and has already starting laying the ground work for making it operational.

"Finally, I would like to thank U.S. Senator Bob Casey for his leadership and work on the federal legislation that authorized states to establish these programs."

Pennsylvania Treasury which has been administering the Pennsylvania 529 program since 1993, has created a website with more information on the ABLE program and where those interested can sign up for updates and open an account when the program is available.

The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov.

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