Detailed Summary

Financial Security Accounts for Individuals with Disabilities Act of 2008- Amends the Internal Revenue Code to establish tax-exempt financial security accounts for individuals with disabilities to pay certain expenses of such individuals, including expenses for education, medical care, and employment training.

Allows individual taxpayers a tax deduction, up to $2,000 per year, for cash contributions to such an account.

Amends title XIX (Medicaid) of the Social Security Act to permit the disregard of financial security accounts for disabled individuals in determining eligibility for Medicaid benefits. Permits the disregard of amounts in such accounts for purposes of determining eligibility for certain means-tested federal programs.

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

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Points Against

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