ENABLE Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the ENABLE Act, makes permanent certain provisions related to Qualified ABLE accounts, which are savings accounts designed for individuals with disabilities and their families. Specifically, it extends increased contribution limits and allows for the inclusion of certain retirement savings contributions when calculating the annual contribution limit for ABLE accounts. It also permanently allows rollovers from 529 college savings plans to ABLE accounts. This legislation aims to provide greater financial flexibility and support for individuals with disabilities and their families.
Key provisions
- Extends increased contribution limits to Qualified ABLE accounts.
- Allows for the inclusion of certain retirement savings contributions in ABLE account calculations.
- Permanently allows rollovers of funds from 529 college savings plans to ABLE accounts.
- Reinstates previous IRS treatment of ABLE accounts as retirement savings accounts.
Who is affected
- Individuals with disabilities
- Families of individuals with disabilities
- Financial institutions offering ABLE accounts
- Retirement savings plan providers
Notable changes
- Permanent extension of provisions related to Qualified ABLE accounts.
- Reverses a change made by the SECURE 2.0 Act of 2022 regarding the definition of qualified retirement savings contributions.
Bill text
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Sponsors
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17 on record
Primary sponsor
Cosponsors
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