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Legislative update from Sen. Amanda Ragan

Amanda Ragan
Amanda Ragan

From Senator Amanda Ragan –

Iowans with disabilities often wish to live as independently as possible. The ABLE Act will help them do just that.

The ABLE — Achieving a Better Life Experience — Act was approved by the U.S. Congress in December. It allows people with disabilities to establish tax-free savings trusts into which money can be deposited to pay for future disability-related expenses. To be eligible, the condition must have occurred prior to age 26.

The trust can be used for expenses that help maintain health, self-sufficiency, and quality of life. These trusts are even more attractive because people with disabilities can save up to $100,000 without losing eligibility for other services. Under current federal tax limitations, as much as $14,000 may be deposited annually. Donors can deduct deposits from income tax calculations, and any gains are protected from income taxes. Each state must create its own program before its residents can establish ABLE savings accounts.

The state Senate is working to be sure that Iowa is ready to implement the program as soon as federal rules are finalized.SF 439 was approved by the Senate Ways & Means Committee this week. It models Iowa’s ABLE program on theCollege Savings Iowa 529 program administered by the State Treasurer.

Learn more about the ABLE Act and the benefits of an ABLE account from the National Disabilities Institute atwww.realeconomicimpact.org/News.aspx?id=460.

Also this week, the Senate held a memorial service for former members of the Iowa Legislature. Among those honored were three north Iowans, the Honorable Arthur Gratias, Clifford Branstad and Dennis May.

The Memorial Service is a time-honored tradition in which we recognize former members for their commitment to public service. This service is held every two years, and we memorialize lawmakers that have died in the two years previous.

In 2015, we gathered to commemorate the service of 19 former members of the Iowa Senate and House. The event includes singing by a choir of volunteers from both the House and Senate, made up of legislators, clerks, pages, doorkeepers and even lobbyists. A memorial resolution is read and a candle is lit in their honor as the invited family stands in remembrance.

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