5683538 Resolution 21-220, ABLE Program Trust Establishment Emergency Declaration Resolution of 2015

A RESOLUTION

 

21-220 

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

September 22, 2015

 

To declare the existence of an emergency with respect to the need to establish a qualified ABLE Program, to be known as the ABLE Program Trust, pursuant to the requirements of the federal Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014 to exempt from income taxation the earnings on deposits made to an ABLE Program Trust by an eligible individual to assist the individual with certain expenses related to the individual's blindness or disability.

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “ABLE Program Trust Establishment Emergency Declaration Resolution of 2015”.

 

            Sec. 2. (a) According to the 2012 Disability Status Report of the District of Columbia, 11.5% of District residents have a disability. Of these residents, 13,100 working-age people with disabilities received Supplementary Security Income (“SSI”) benefits.

            (b) Eligibility for public benefits, such as SSI, do not allow a person to possess more than $2,000 in cash savings or retirement funds. A person with a disability must therefore forego accumulating savings or planning for the future in order to remain eligible for public benefits.

            (c) In 2014, the federal Stephen Beck Jr., Achieving a Better Life Experience Act of 2014 (“ABLE Act”) was enacted and mandated that states provide people with disabilities and their families the opportunity to create tax-exempt savings accounts. Since enactment of the federal ABLE Act, 41 states have pending or signed legislation establishing ABLE programs in their jurisdictions.

            (d) Without this emergency legislation, District residents with a disability cannot possess a savings account in excess of $2,000 and therefore cannot have access to personal finances in case of an emergency of for long-term plans.

            (e) This emergency is necessary to enable District residents with a disability to establish an ABLE account of up to $100,000 and therefore enable these residents and their families to create more opportunities to live independently and provide access to work and wealth without relegating people to government benefits alone.

 

Sec. 3.  The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the ABLE Program Trust Establishment Emergency Act of 2015 be adopted after a single reading.

 

Sec. 4. This resolution shall take effect immediately.