The ENABLE Act makes three tax benefits permanent for people with disabilities who use ABLE accounts. ABLE accounts are special savings accounts designed to help disabled individuals save money without losing their government benefits like Medicaid or SSI. Right now, these three tax breaks are temporary, but this bill would make them permanent. First, it allows people to contribute more money to their ABLE accounts each year. Second, it lets account holders claim a tax credit of up to $1,000 when they contribute to retirement savings, which means they get money back on their taxes. Third, it allows people to move money from a 529 college savings plan directly into an ABLE account without paying taxes on the transfer. For disabled individuals and their families, this means more stable, long-term tax advantages for saving money and planning financially for the future.

ENABLE Act

Schmitt, Eric

Ensuring Nationwide Access to a Better Life Experience Act or the ENABLE ActThis bill makes permanent three tax provisions relating to ABLE (Achieving a Better Life Experience)&nbsp;Accounts established to assist disabled individuals, specifically provisions allowing increased contributions to such accounts, the allowance of a retirement savings contribution tax credit up to $1,000, and allowing a tax-free rollover from a qualified tuition (529 plan) to an ABLE account.&nbsp;