ABLE Proposal to Remove Sunset Provisions Re-introduced
Senator Eric Schmitt (R-MO), along with a bipartisan coalition of cosponsors, have re-introduced the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025.
- ABLE to Work: An individual with a disability who is employed can contribute an additional amount to his or her ABLE account. This additional contribution cannot be greater than either:
o the prior year’s federal poverty level for a one-person household ($15,060 in 2024), or
o the beneficiary’s yearly compensation.
- ABLE Saver’s Credit: An individual with a disability who makes qualified contributions to their ABLE account can qualify for a nonrefundable saver’s credit of up to $1,000.
- 529 to ABLE rollover: An individual with a disability may rollover from a 529 education savings account to an ABLE account. Amounts that are less than or equal to the annual ABLE contribution limit are not subject to income taxation.
