Bill > SB5648

This bill aims to enhance the Washington Achieving a Better Life Experience (ABLE) program, which allows individuals with qualifying disabilities to create tax-advantaged savings accounts. The legislation creates an Encouraging Achieving a Better Life Experience (ENABLE) account to support the ABLE program by providing funding for program promotion, reducing individual account fees, and contributing directly to ABLE accounts. Specifically, the bill establishes a new account that can receive funds from various sources, with expenditures prioritized as follows: up to $250,000 for administrative and promotional expenses, reducing account fees up to $50 annually per account, depositing $1,000 into existing ABLE accounts on July 1, 2025, and depositing $1,000 into new or rolled-over ABLE accounts after that date. The bill builds upon previous legislation from 2016 and aligns with a recent federal act that will raise the age of disability onset qualification to 46 by January 2026. The goal is to increase participation in the ABLE program, which helps individuals with disabilities become more self-reliant and maintain eligibility for public benefits while improving their quality of life. Additionally, the bill requires the governing board to contract with an organization to promote ABLE accounts and allows for flexible investment and management of the program's funds.

Budget and Finance

https://app.leg.wa.gov/billsummary?BillNumber=5648&Year=2025&Initiative=false