Senator Chris Dodd (D-CT), senior member of the Senate Committee on Health, Education, Labor and Pensions and Chairman of its Subcommittee on Children and Families, announced the introduction of the Disabilities Savings Act of 2008 at an event with Autism Speaks Co-Founders Bob and Suzanne Wright, Stuart Spielman, the father of a teenage son with Autism, Kathy Neas of Easter Seals, and families of children with autism and other disabilities.

“This important legislation is designed to help individuals with disabilities live full and productive lives for all their years,” said Dodd.  “It provides families with an important tool to save the money they need for their unique needs and provide for their children long after they are gone.”

“Senator Dodd was an original co-sponsor of the Combating Autism Act and has long been a champion for individuals with disabilities and their families,” said Bob Wright.  “We commend him for launching the legislative process to create these vitally important savings accounts, which will reduce an unreasonable financial burden for millions of families and end discrimination against individuals with disabilities in the federal tax code.  Parents can save, tax-free, to send their child to Harvard.  They should be able to save in the same way to help every child meet his or her full potential.” 

“The disability savings accounts that Senator Dodd is proposing today gives people with disabilities a real chance for financial security,” said Stuart Spielman. “By providing tax incentives for savings and by eliminating the risk of inadvertent disqualification for means-tested federal programs, these accounts will make planning for the future easier.  As the parent of a child with autism, that’s very important to me.”

The Disability Savings Act of 2008 encourages individuals and families to save personal funds for individuals with disabilities, specifically for their unique disability-related needs, in Disability Savings Accounts (DSAs).  The establishment of DSAs will promote the investment of private funds in the long-term well-being of individuals with disabilities through tax-advantaged savings tools, including a refundable tax credit for low-income savers, while still protecting the beneficiary’s access to critical public supports.

For a summary of the bill, click here.

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