S. 2741 would amend the Internal Revenue Code of 1986 to provide for disability savings accounts.
Detailed Summary
Disability Savings Act of 2008 - Amends the Internal Revenue Code to allow a tax exemption for disability savings accounts that have a value of $250,000 or less and are established for beneficiaries under the age of 65 who are blind or disabled.
Allows tax-free distributions from such accounts for certain services provided to account beneficiaries, including education services, respite care, clothing, therapy, nutritional management, and funeral and burial expenses.
Allows tax credits for contributions of up to $2,000 made to a disability savings account and for certain entities that maintain disability savings accounts.
Permits disability savings accounts to be disregarded in determining eligibility for Medicaid benefits and certain other means-tested federal programs.
Requires the Secretary of Health and Human Services to establish a program for marketing, outreach, and education related to disability savings accounts.
Status of the Legislation
Latest Major Action: 3/11/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
(Log in to edit the wiki and be the first to show why the bill should pass!)
Points Against
(Log in to edit the wiki and be the first to show why the bill should not pass!)
Visitor Comments
Tom Lutzow
May 11, 2008, 11:07pm (report abuse)This is exactly what we need to see for people with disabilities, given the adverse budgetary pressures on Medicare, Medicaid, and SSI, and likely reductions in government benefits going forward.
Linda Walder FIddle
November 14, 2008, 10:13pm (report abuse)As Founder and Executive Director of The Daniel Jordan Fiddle Foundation, a 501(c)(3) organization with the mission to develop and award grants to programs that benefit adolescents and adults with Autism, I fully support this vital legislation. It is imperative that families have the opportunity to save money for the future of their loved one with Autism just as families of college-bound children have the means to do so in a tax-free manner. For more information on the national efforts of The Daniel Jordan Fiddle Foundation visit www.djfiddlefoundation.org