By Bernie Becker - 07/31/14 01:56 PM EDT
The House Ways and Means Committee easily cleared a measure that allows people with disabilities to have tax-free savings accounts.
Both Ways and Means Committee Chairman Dave Camp (R-Mich.) and the panel’s top Democrat, Rep. Sandy Levin (Mich.), said Thursday that they would work together to find ways to offset the cost of the measure before it came to the House floor.
“This is a common-sense bill that will aid those with disabilities and their caretakers so they can live more fulfilling, happy lives and have the ability to provide for a better future,” Camp said in his opening statement on Thursday.
“We owe it to our colleagues — and more importantly, to those with disabilities and their families — to come up with a solution,” he added.
The Joint Committee on Taxation says the measure costs around $2 billion over a decade.
Advocates of the bill say it would allow people with disabilities to protect needed benefits and better plan for the future.
Rep. Cathy McMorris RodgersCathy McMorris RodgersGOP campaign chief: Turn up the heat on Clinton GOP rep: Ryan's agenda to restore representative government Restoring the VA's promise to veterans MORE (Wash.), the No. 4 Republican in the House and the mother of a son with Down syndrome, is among the backers of the measure.
The Senate held a hearing on its version of the bill last week, with lawmakers on both sides also saying they hoped to quickly get the measure passed.