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To amend the Internal Revenue Code of 1986 to make certain provisions with respect to qualified ABLE programs permanent.
Summary
This bill makes permanent certain tax provisions related to ABLE accounts, which are tax-advantaged savings accounts for individuals with disabilities. It permanently extends increased contribution limits to ABLE accounts that were previously set to expire in 2026. The bill also allows ABLE account contributions to qualify for the Saver's Credit, a federal tax credit for lower-income savers, expanding eligibility beyond traditional retirement accounts such as IRAs and 401(k)s. Additionally, the bill permanently permits rollovers from 529 college savings plans to ABLE accounts, allowing families to transfer unused education savings to accounts for disability-related expenses, removing a 2026 expiration date on this provision.
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)
- Sen. Schmitt, Eric [R-MO] (R-MO)
16 cosponsors
- Sen. Boozman, John [R-AR] (R-AR)
- Sen. Britt, Katie Boyd [R-AL] (R-AL)
- Sen. Coons, Christopher A. [D-DE] (D-DE)
- Sen. Fetterman, John [D-PA] (D-PA)
- Sen. Husted, Jon [R-OH] (R-OH)
- Sen. Kaine, Tim [D-VA] (D-VA)
- Sen. Kelly, Mark [D-AZ] (D-AZ)
- Sen. Klobuchar, Amy [D-MN] (D-MN)
- Sen. Lee, Mike [R-UT] (R-UT)
- Sen. Moran, Jerry [R-KS] (R-KS)
- Sen. Ossoff, Jon [D-GA] (D-GA)
- Sen. Sullivan, Dan [R-AK] (R-AK)
- Sen. Tillis, Thomas [R-NC] (R-NC)
- Sen. Tuberville, Tommy [R-AL] (R-AL)
- Sen. Van Hollen, Chris [D-MD] (D-MD)
- Sen. Warnock, Raphael G. [D-GA] (D-GA)
Actions (2)
- Feb 19, 2025 Read twice and referred to the Committee on Finance. · senate
- Feb 19, 2025 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.
Full text
IN THE SENATE OF THE UNITED STATES
February 19, 2025
Mr. Schmitt (for himself, Mr. Van Hollen, Mr. Boozman, Mr. Tuberville, Mr. Kaine, Mrs. Britt, Ms. Klobuchar, Mr. Coons, Mr. Moran, Mr. Tillis, Mr. Fetterman, Mr. Warnock, Mr. Sullivan, and Mr. Kelly) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to make certain provisions with respect to qualified ABLE programs permanent.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Ensuring Nationwide Access to a Better Life Experience Act” or the “ENABLE Act”.
SEC. 2. PERMANENT EXTENSION OF INCREASED CONTRIBUTIONS TO ABLE ACCOUNTS.
(a) In General.—Section 529A(b)(2)(B)(ii) of the Internal Revenue Code of 1986 is amended by striking “before January 1, 2026”.
(b) Allowance of Savers Credit.—
(1) In general.—Section 25B(d)(1) of the Internal Revenue Code of 1986 is amended to read as follows:
“(1) In general.—The term ‘qualified retirement savings contributions’ means, with respect to any taxable year, the sum of—
“(A) the amount of contributions made by the eligible individual during such taxable year to the ABLE account (within the meaning of section 529A) of which such individual is the eligible beneficiary, and
“(B) in the case of any taxable year beginning before January 1, 2027—
“(i) the amount of the qualified retirement contributions (as defined in section 219(e)) made by the eligible individual,
“(ii) the amount of—
“(I) any elective deferrals (as defined in section 402(g)(3)) of such individual, and
“(II) any elective deferral of compensation by such individual under an eligible deferred compensation plan (as defined in section 457(b)) of an eligible employer described in section 457(e)(1)(A), and
“(iii) the amount of voluntary employee contributions by such individual to any qualified retirement plan (as defined in section 4974(c)).”.
(2) Coordination with secure 2.0 act of 2022 amendment.— Paragraph (1) of section 103(e) of the SECURE 2.0 Act of 2022 is repealed, and the Internal Revenue Code of 1986 shall be applied and administered as though such paragraph were never enacted.
(c) Effective Date.—The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.
SEC. 3. PERMANENT EXTENSION OF ROLLOVERS TO ABLE PROGRAMS FROM 529 PROGRAMS.
(a) In General.—Section 529(c)(3)(C)(i)(III) of the Internal Revenue Code of 1986 is amended by striking “before January 1, 2026,”.
(b) Effective Date.—The amendment made by this section shall apply to distributions made after the date of the enactment of this Act. <all>
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