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Permanent ABLE Account Benefits: Enhanced Savings and Tax Credits

This act makes permanent several key provisions related to ABLE programs, which help individuals with disabilities save money without losing essential benefits. It ensures that increased contribution limits to these accounts are permanent and expands the eligibility for the saver's credit to include ABLE contributions. Additionally, it permanently allows rollovers from 529 education savings plans to ABLE accounts.
Key points
Increased contribution limits to ABLE accounts are now permanent, offering more flexibility for long-term savings.
Contributions to ABLE accounts are permanently included in the saver's credit, potentially reducing tax burdens for eligible individuals.
The ability to transfer funds from 529 education plans to ABLE accounts is made permanent, simplifying financial planning.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_627
Sponsor: Sen. Schmitt, Eric [R-MO]
Process start date: 2025-02-19
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

ENABLE Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_627.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-02-19.

What are the main provisions?

Key points include:

  • Increased contribution limits to ABLE accounts are now permanent, offering more flexibility for long-term savings.
  • Contributions to ABLE accounts are permanently included in the saver's credit, potentially reducing tax burdens for eligible individuals.
  • The ability to transfer funds from 529 education plans to ABLE accounts is made permanent, simplifying financial planning.
What is the specific legal status?

The current status is Introduced.

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 2025-12-23.

CATEGORIES

Benefits Taxes Family