releases: http://dennisross.house.gov/news/documentsingle.aspx?DocumentID=398225
Data license: MIT · Data source: dwillis/congress-press
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| http://dennisross.house.gov/news/documentsingle.aspx?DocumentID=398225 | Ross Helps to Pass Legislation for Tax Extenders and Savings Accounts for People with Disabilities | 2014-12-03 | 2014 | 2014-12 | Republican | House | FL | Dennis Ross | R000593 | dennisross.house.gov | legacy | WASHINGTON, D.C. --U.S. Rep. Dennis A. Ross (R-FL-15), Senior Deputy Majority Whip, and member of the House Committee of Financial Services today released the following statement after voting to pass H.R. 647, the Achieving a Better Life Experience (ABLE) Act and H.R. 5771, the Tax Increase Prevention Act. “Both pieces of legislation are important for individuals and businesses in Florida. “Many families are able to receive tax incentives for college and retirement accounts but unfortunately, tax preferred accounts are not available to individuals with disabilities. People with disabilities deserve to have similar savings instruments so their families can plan for their future. The ABLE Act empowers disabled individuals and families to save money in an account so their children can maintain their health and independence throughout their lives. In the state of Florida, 15.6 percent of individuals are disabled and I am happy to help them and their families better plan for the future. “If the tax extenders package did not pass, millions of families and businesses in Florida would experience sharp and unexpected tax increases. This legislation will extend 55 tax provisions including one that helps small businesses utilize research and development opportunities. Another will provide teachers the opportunity to file for a deduction for supplies they purchased with their own funds to help their students in the classroom.” Examples of how H.R. 5771, the Tax Increase Prevention Act will benefit individuals and businesses are: · Extend tax relief provisions that expired either at the end of calendar year 2013 or during 2014. · Extension of deduction for certain expenses of elementary and secondary school teachers. · Extension of exclusion from gross income of discharge of qualified principal residence indebtedness. · Extension of mortgage insurance premiums treated as qualified residence interest. · Extension of deduction of State and local general sales taxes. · Extension of above-the-line deduction for qualified tuition and related expenses. · Extension of tax-free distributions from individual retirement plans for charitable purposes. · Extension of research credit. · Extension of military housing allowance exclusion for determining whether a tenant in certain counties is low-income. · Extension of new markets tax credit. · Extension of railroad track maintenance credit. · Extension of mine rescue team training credit. · Extension of employer wage credit for employees who are active duty members of the uniformed services. · Extension of work opportunity tax credit. You may view H.R. 5771 by clicking here. The ABLE Act amends the Internal Revenue Code to establish tax-exempt ABLE accounts to assist an individual with a disability in building an account to pay for qualified disability expenses. It also defines "qualified disability expenses" to include expenses for education, including higher education expenses, a primary residence, transportation, obtaining and maintaining employment, health and wellness, and other personal support expenses. You may view H.R. 647, by clicking here. ### | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |