P.L. 113–295, Approved December 19, 2014 (128Stat. 4010)

SECTION 1. [26 U.S.C. 1 note]  Tax Increase Prevention Act of 2014

This division may be cited as the “Tax Increase Prevention Act of 2014”.

SEC 1. [26 U.S.C. 1 note]  SHORT TITLE; ETC.

(a)  Short Title.—This division may be cited as the “Stephen Beck, Jr., Achieving a Better Life Experience Act of 2014” or the “Stephen Beck, Jr., ABLE Act of 2014”.

SEC. 101. PURPOSES

The purposes of this title are as follows:

(1)  To encourage and assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities to maintain health, independence, and quality of life.

(2)  To 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, the Medicaid program under title XIX of the Social Security Act, the supplemental security income program under title XVI of such Act, the beneficiary’s employment, and other sources.

SEC. 103. [26 U.S.C. 529A note.] TREATMENT OF ABLE ACCOUNTS UNDER CERTAIN FEDERAL PROGRAMS

(a)  Account Funds Disregarded for Purposes of Certain Other Means-Tested Federal Programs.—Notwithstanding any other provision of Federal law that requires consideration of 1 or more financial circumstances of an individual, for the purpose of determining eligibility to receive, or the amount of, any assistance or benefit authorized by such provision to be provided to or for the benefit of such individual, any amount (including earnings thereon) in the ABLE account (within the meaning of section 529A of the Internal Revenue Code of 1986) of such individual, any contributions to the ABLE account of the individual, and any distribution for qualified disability expenses (as defined in subsection (e)(5) of such section) shall be disregarded for such purpose with respect to any period during which such individual maintains, makes contributions to, or receives distributions from such ABLE account, except that, in the case of the supplemental security income program under title XVI of the Social Security Act—

(1)  a distribution for housing expenses (within the meaning of such subsection) shall not be so disregarded, and

(2)  in the case of such program, any amount (including such earnings) in such ABLE account shall be considered a resource of the designated beneficiary to the extent that such amount exceeds $100,000.

(b) Suspension of SSI Benefits During Periods of Excessive Account funds.—

(1)  In general.—The benefits of an individual under the supplemental security income program under title XVI of the Social Security Act shall not be terminated, but shall be suspended, by reason of excess resources of the individual attributable to an amount in the ABLE account (within the meaning of section 529A of the Internal Revenue Code of 1986) of the individual not disregarded under subsection (a) of this section.

(2)  No impact on medicaid eligibility.—An individual who would be receiving payment of such supplemental security income benefits but for the application of paragraph (1) shall be treated for purposes of title XIX of the Social Security Act as if the individual continued to be receiving payment of such benefits.

(c)  Effective Date.—This section shall take effect on the date of the enactment of this Act.