Bill Text: IL HR0936 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Declares December 19, 2024 as Illinois ABLE Day in the State of Illinois.
Spectrum: Moderate Partisan Bill (Democrat 13-2)
Status: (Introduced) 2024-11-20 - Added Co-Sponsor Rep. Nicole La Ha [HR0936 Detail]
Download: Illinois-2023-HR0936-Introduced.html
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| 1 | HOUSE RESOLUTION | ||||||
| 2 | WHEREAS, The Illinois Achieving a Better Life Experience | ||||||
| 3 | (ABLE) program, also referred to as the Senator Scott Bennett | ||||||
| 4 | ABLE Program, is an important tool for Illinoisans with | ||||||
| 5 | disabilities, and ABLE accounts help people with disabilities | ||||||
| 6 | to improve health, enhance quality of life, and maintain | ||||||
| 7 | independence while protecting federal benefits and encouraging | ||||||
| 8 | employment; and
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| 9 | WHEREAS, ABLE programs offer a diverse range of investment | ||||||
| 10 | options, tax-deferred growth, and withdrawals free of state | ||||||
| 11 | and federal taxes when those withdrawals are used for a broad | ||||||
| 12 | range of qualified disability expenses, such as education, job | ||||||
| 13 | coaching, transportation, accessible equipment, health and | ||||||
| 14 | wellness, and assistive technology; and
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| 15 | WHEREAS, December 19, 2024 marks the tenth anniversary of | ||||||
| 16 | the enactment of the Stephen Beck Jr., Achieving a Better Life | ||||||
| 17 | Experience Act of 2014 (Public Law No. 113-295), commonly | ||||||
| 18 | known as the ABLE Act, a landmark piece of legislation that was | ||||||
| 19 | passed unanimously by both chambers of Congress, establishing | ||||||
| 20 | Section 529a of the Internal Revenue Code to allow states to | ||||||
| 21 | create ABLE programs; and
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| 22 | WHEREAS, In 2016, the Illinois General Assembly passed the | ||||||
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| 1 | enabling legislation for the Illinois Achieving a Better Life | ||||||
| 2 | Experience (IL ABLE) account program, which is under the | ||||||
| 3 | leadership of the State Treasurer's Office as trustee and | ||||||
| 4 | administrator; and
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| 5 | WHEREAS, Since the launch of the IL ABLE program in | ||||||
| 6 | January 2017, more than 6,500 IL ABLE accounts have been | ||||||
| 7 | opened with more than $90 million contributed; and
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| 8 | WHEREAS, The IL ABLE program has helped Illinoisans with | ||||||
| 9 | disabilities and their families pay for approximately $40 | ||||||
| 10 | million in qualified disability expenses, allowing them to | ||||||
| 11 | gain greater self-sufficiency while helping to meet their | ||||||
| 12 | needs; and
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| 13 | WHEREAS, Under State Treasurer Michael Frerichs' | ||||||
| 14 | leadership, a 19-member, bipartisan consortium of states now | ||||||
| 15 | exists to provide high-quality, low-cost ABLE programs for | ||||||
| 16 | more than a quarter of ABLE-eligible people with disabilities | ||||||
| 17 | nationwide, and its members include Alaska, Arkansas, | ||||||
| 18 | Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, | ||||||
| 19 | Michigan, Minnesota, Montana, Mississippi, Nevada, New | ||||||
| 20 | Hampshire, New Jersey, North Carolina, Pennsylvania, Rhode | ||||||
| 21 | Island, and the District of Columbia; and
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| 22 | WHEREAS, Today's average IL ABLE account balance of | ||||||
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| 1 | approximately $11,800 is illustrative of the greater economic | ||||||
| 2 | independence and financial freedom achieved by account owners | ||||||
| 3 | with disabilities who are no longer trapped in a life of | ||||||
| 4 | chronic financial insecurity due to asset restrictions imposed | ||||||
| 5 | by their federal benefit programs; therefore, be it
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| 6 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE | ||||||
| 7 | HUNDRED THIRD GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
| 8 | we declare December 19, 2024 as Illinois ABLE Day in the State | ||||||
| 9 | of Illinois; and be it further
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