Bill > S627

This bill, known as the ENABLE Act, is designed to make several permanent modifications to ABLE (Achieving a Better Life Experience) accounts, which are tax-advantaged savings accounts for individuals with disabilities. The bill permanently removes the January 1, 2026 sunset date for increased contributions to ABLE accounts, allowing individuals with disabilities to continue making higher annual contributions. It also modifies the Savers Credit provisions to include ABLE account contributions as qualifying retirement savings contributions, potentially providing a tax credit for individuals contributing to these accounts. Additionally, the bill makes permanent the ability to rollover funds from 529 college savings plans to ABLE accounts, providing more flexibility for families saving for individuals with disabilities. The legislation coordinates with and modifies previous provisions in the SECURE 2.0 Act of 2022 and will apply to taxable years ending after the date of enactment. By making these provisions permanent, the bill aims to provide more long-term financial planning options and support for individuals with disabilities and their families.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/627/all-info