ABLE Accounts for Veterans Act of 2021

Bill: 117-hr-3444
Sponsor: full_name: Rep. Scott, Austin [R-GA-8]
Introduced: 2021-05-20
Policy area: Social Welfare
Latest action: action_date: 2021-05-20
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-05-20
action_desc: Introduced in House
text: <p><b>ABLE Accounts for Veterans Act of 2021</b></p> <p>This bill requires the Social Security Administration to exclude contributions made by certain disabled veterans to state-sponsored savings accounts that allow eligible individuals to save for qualified disability expenses when determining whether such veterans have exceeded a specified earnings limit for Social Security Disability Insurance benefits.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3444 IN THE HOUSE OF REPRESENTATIVES May 20, 2021 Mr. Austin Scott of Georgia introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title II of the Social Security Act to disregard certain contributions to ABLE accounts when determining an individual’s ability to engage in substantial gainful activity, and for other purposes.

1. Short title This Act may be cited as the ABLE Accounts for Veterans Act of 2021 . 2. Certain contributions to ABLE accounts disregarded in determination of substantial gainful activity (a) In general Section 223(d)(4) of the Social Security Act ( 42 U.S.C. 423(d)(4) ) is amended by adding at the end the following: (D) In determining when earnings derived from services demonstrate an individual’s ability to engage in substantial gainful activity, in the case of earnings earned in a month by an individual who receives compensation for a service-connected disability for such month under chapter 11 of title 38, United States Code, the Commissioner of Social Security shall disregard an amount of such earnings equal to the amount of any contribution made by the individual in such month to a qualified ABLE program (as defined in section 529A of the Internal Revenue Code of 1986) established for the benefit of such individual. . (b) Effective date The amendment made by subsection (a) shall apply with respect to earnings earned for months beginning after the date that is 6 months after the date of the enactment of this Act.