Bill > HR1436

This bill, known as the ENABLE Act (Ensuring Nationwide Access to a Better Life Experience Act), makes several permanent changes to ABLE accounts, which are tax-advantaged savings accounts for individuals with disabilities. The bill extends the ability for individuals to make increased contributions to ABLE accounts by removing the previous expiration date of January 1, 2026, allowing people with disabilities to save more money without losing certain tax benefits. It also modifies the Saver's Credit provisions to include ABLE account contributions as qualified retirement savings contributions, which can help individuals with disabilities receive tax credits for their savings. Additionally, the bill makes permanent the provision allowing rollovers from 529 college savings plans to ABLE accounts, providing more financial flexibility for families supporting individuals with disabilities. These changes aim to improve financial planning and support for people with disabilities by offering more robust and long-lasting savings options. The amendments will apply to taxable years ending after the date of the Act's enactment, ensuring immediate implementation of these beneficial provisions.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1436/all-info