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S 4493
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A bill to clarify the use of direct deposit for contributions to ABLE programs.

To clarify the use of direct deposit for contributions to ABLE programs.

Introduced May 12, 2026

Latest action (May 12, 2026) Read twice and referred to the Committee on Finance.

Referred to
Finance Committee
Policy area
Taxation
Issues
Economy & Taxes

Summary

This bill clarifies that no existing law prevents the use of direct deposit for making contributions to qualified ABLE programs, which are tax-advantaged savings accounts for individuals with disabilities. The bill simply establishes that direct deposit is an allowed method for contributing to these accounts under the Internal Revenue Code.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Sponsor (1)
7 cosponsors

Actions (2)
  1. May 12, 2026 Read twice and referred to the Committee on Finance. · senate
  2. May 12, 2026 Introduced in Senate

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

  • S 4498 — ABLE Tomorrow Act · Introduced May 12, 2026 · Cong. 119 66%
  • S 4492 — ABLE MATCH (Making Able a Tool to Combat Hardship) Act · Introduced May 12, 2026 · Cong. 119 64%
  • S 3948 — Direct File Act of 2026 · Introduced Feb 26, 2026 · Cong. 119 63%
  • HR 4551 — Employee Paycheck and Small Business Protection Act · Introduced Jul 21, 2025 · Cong. 119 60%
  • S 2757 — Keeping Deposits Local Act · Introduced Sep 10, 2025 · Cong. 119 60%
  • HR 8090 — To require the Federal Deposit Insurance Corporation and the National Credit Union Administration to carry out an analysis to determine whether insurance coverage should be raised on covered transaction accounts, and for other purposes. · Introduced Mar 25, 2026 · Cong. 119 59%

Full text

IN THE SENATE OF THE UNITED STATES

May 12, 2026

Mr. Van Hollen (for himself, Mr. Moran, Ms. Klobuchar, and Mr. Tillis) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To clarify the use of direct deposit for contributions to ABLE programs.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. USE OF DIRECT DEPOSIT FOR CONTRIBUTIONS TO ABLE PROGRAMS.

No provision of law shall be construed to prevent the use of direct deposit for making contributions to qualified ABLE programs (as defined in section 529A of the Internal Revenue Code of 1986). <all>

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