summary
Introduced
07/26/2023
07/26/2023
In Committee
07/26/2023
07/26/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to provide matching payments for ABLE account contributions by certain individuals, and for other purposes.
AI Summary
This bill, the ABLE MATCH (Making Able a Tool to Combat Hardship) Act, has the following key provisions:
1. It creates a refundable tax credit of up to $2,000 per year for contributions made to ABLE accounts (tax-advantaged savings accounts for individuals with disabilities) by individuals with annual incomes less than 200% of the federal poverty line. The credit phases out for higher-income individuals.
2. It requires the reporting of demographic information (race, gender, disability type) related to ABLE account beneficiaries to the IRS.
3. It authorizes the Treasury Department to award grants to states to promote ABLE accounts and the new matching contribution credit, with $5 million in funding per year from 2025 to 2029.
The overall goal of the bill is to encourage and assist low-income individuals with disabilities to save money in ABLE accounts, which can help them maintain their government benefits and improve their financial security.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Read twice and referred to the Committee on Finance. (on 07/26/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/2522/all-info |
| BillText | https://www.congress.gov/118/bills/s2522/BILLS-118s2522is.pdf |
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