Bill Text: NJ ACR126 | 2012-2013 | Regular Session | Introduced
Bill Title: Memorializes Congress and President to enact "ABLE Act of 2011."
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Engrossed - Dead) 2012-06-25 - Received in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee [ACR126 Detail]
Download: New_Jersey-2012-ACR126-Introduced.html
ASSEMBLY CONCURRENT RESOLUTION No. 126
STATE OF NEW JERSEY
215th LEGISLATURE
INTRODUCED FEBRUARY 21, 2012
Sponsored by:
Assemblyman DANIEL R. BENSON
District 14 (Mercer and Middlesex)
Assemblyman HERB CONAWAY, JR.
District 7 (Burlington)
Co-Sponsored by:
Assemblyman Greenwald, Assemblywoman Lampitt and Assemblyman Singleton
SYNOPSIS
Memorializes Congress and President to enact "ABLE Act of 2011."
CURRENT VERSION OF TEXT
As introduced.
A Concurrent Resolution memorializing the Congress and President of the United States to enact S.1872 or H.R.3423, designated as the "ABLE Act of 2011."
Whereas, Legislation has been introduced in the 112th Congress of the United States, in both the House of Representatives and the Senate, as S.1872 and H.R.3423, respectively, the "Achieving a Better Life Experience Act of 2011," otherwise known as the "ABLE Act of 2011" (ABLE Act); and
Whereas, The ABLE Act offers the promise of providing significant financial assistance to individuals with disabilities and their families; and
Whereas, The ABLE Act is designed to encourage and assist individuals and families to save private funds, through the creation of ABLE accounts, for the purpose of supporting individuals with disabilities to maintain health, independence, and a better quality of life; and
Whereas, ABLE accounts are intended to provide a secure source of funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, Medicaid, Supplemental Security Income (SSI), the beneficiary's employment earnings, and other sources of financial support; and
Whereas, An individual qualifies as the designated beneficiary of an ABLE account if that person: is receiving, deemed to be, or treated as receiving SSI or federal Social Security disability benefits; or has a medically determined physical or mental impairment, which results in marked and severe functional limitations, and which can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than 12 months, or is blind; and
Whereas, The ABLE Act would amend section 529 of the Internal Revenue Code of 1986 to establish tax-exempt ABLE accounts to assist an individual with a disability in building savings to pay for qualified disability expenses, including expenses for education, a primary residence, transportation, obtaining and maintaining employment, health and wellness, miscellaneous expenses such as financial management and legal fees, assistive technology and personal support services, and other expenses approved by the United States Secretary of Health and Human Services; and
Whereas, An ABLE account would be easy to open and available in any state, with the same annual contributions permitted and the same reporting requirements as under a traditional 529 qualified tuition program, as well as the same tax-free treatment for income earned from the account and withdrawals for qualified disability expenses; and
Whereas, The ABLE Act would permit a rollover contribution from an ABLE account to a traditional 529 account as well as a rollover to another family member's ABLE account or traditional 529 account; and
Whereas, The ABLE Act requires the amount in an ABLE account to be disregarded in determining an individual's eligibility for Medicaid and other means-tested federal programs and suspends the payment of SSI benefits to an individual during any period in which that individual has assets of $100,000 or more in an ABLE account; however, under no circumstances would a Medicaid recipient who has an ABLE account become ineligible for Medicaid based on the assets held in an ABLE account; and
Whereas, The ABLE Act provides that if a Medicaid recipient dies, or ceases to qualify as an individual with a disability under the act, while holding assets in an ABLE account, the remaining assets are first to be distributed to the applicable state Medicaid program, according to a calculation that is based on amounts paid by Medicaid after the creation of the ABLE account; and
Whereas, This Legislature wishes to confer its unqualified endorsement upon this vitally needed federal legislation that has considerable potential to enhance the quality of life for millions of Americans with disabilities and their families; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):
1. This Legislature respectfully memorializes the Congress and President of the United States to enact S.1872 or H.R.3423, designated as the "ABLE Act of 2011," in order to:
a. encourage and assist individuals and families to save private funds, through the creation of ABLE accounts, for the purpose of supporting individuals with disabilities to maintain health, independence, and a better quality of life; and
b. provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, Medicaid, SSI, the beneficiary's employment earnings, and other sources of financial support.
2. Duly authenticated copies of this concurrent resolution, signed by the Speaker of the General Assembly and the President of the Senate and attested by the Clerk of the General Assembly and the Secretary of the Senate, shall be transmitted to the presiding officers of the United States Congress, each of the members of the Congress elected from the State of New Jersey, and the President of the United States.
STATEMENT
This concurrent resolution respectfully memorializes the Congress and President of the United States to enact S.1872 or H.R.3423, designated as the "Achieving a Better Life Experience Act of 2011" or the "ABLE Act of 2011," in order to: encourage and assist individuals and families to save private funds, through the creation of ABLE accounts, for the purpose of supporting individuals with disabilities to maintain health, independence, and a better quality of life; and provide secure funding for disability-related expenses on behalf of designated beneficiaries with disabilities that will supplement, but not supplant, benefits provided through private insurance, Medicaid, SSI, the beneficiary's employment earnings, and other sources of financial support.
