arrow_back Back to App

Making Key ABLE Savings Account Benefits Permanent for Disabled Individuals.

This law permanently extends several important provisions related to ABLE savings accounts, which are designed for individuals with disabilities. This includes making higher contribution limits and the ability to roll over funds from 529 college savings plans into ABLE accounts permanent, removing their scheduled expiration dates. These changes offer greater financial security and long-term planning certainty for disabled individuals and their families.
Key points
Increased annual contribution limits for ABLE accounts (savings for disabled individuals) are made permanent, allowing for greater savings accumulation.
The ability to transfer funds from 529 education savings plans to ABLE accounts is permanently extended, increasing financial flexibility.
The allowance for claiming the Savers Credit for contributions made to an ABLE account is also made permanent.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_4539
Sponsor: Sen. Schmitt, Eric [R-MO]
Process start date: 2024-06-13
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

ENABLE Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4539.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-06-13.

What are the main provisions?

Key points include:

  • Increased annual contribution limits for ABLE accounts (savings for disabled individuals) are made permanent, allowing for greater savings accumulation.
  • The ability to transfer funds from 529 education savings plans to ABLE accounts is permanently extended, increasing financial flexibility.
  • The allowance for claiming the Savers Credit for contributions made to an ABLE account is also made permanent.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Schmitt, Eric [R-MO].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Benefits