Recognizing that a disability should never preclude someone from enjoying a financially secure future, Sen. Trey Paradee successfully passed legislation to help ensure that Delaware’s signature DEpendABLE accounts conform with federal regulations.
Created in 2018, DEpendABLE accounts are tax-advantaged savings accounts that allow people with disabilities to save for a broad range of expenses without jeopardizing their benefits from supplemental security income, Medicaid or other federal and state programs.
Passed unanimously in the both the Senate and the House, Senate Bill 210 shored up the rules around DEpandABLE accounts by bringing them in line with federal rules and clarifying who is able to own and manage those accounts.
SB 210 was part of a two-bill package that also included House Bill 145. Prime sponsored in the Senate by Sen. Paradee, a financial advisor by trade, HB 145 helped to make saving money for the future more affordable for working families by stipulating that the first $1,000 contribution to a state-sponsored college savings plan and the first $5,000 contribution to an ABLE account are deductible from a family’s federal personal income tax calculations.
