In June 2024, a bipartisan group of U.S. Senators introduced the Ensuring Nationwide Access to a Better Life Experience (ENABLE) Act, which addresses three ABLE tax advantages set to expire at the end of 2025.
The proposal aims to make the following tax provisions permanent:
- ABLE to Work: Allows savers to contribute additional employment income to an ABLE account.
- ABLE Saver’s Credit: Offers low to moderate-income savers the opportunity to qualify for a tax credit.
- 529 to ABLE Rollover: Provides the opportunity to transfer 529 funds to an ABLE account without incurring tax or penalty.
These three provisions ensure that ABLE accounts provide the strongest possible opportunity to help millions of Americans with disabilities. View the bill (S. 4539) and its current cosponsors.
ABLEnow joins advocates and program administrators in support of these efforts. Read what ABLEnow customers shared about these critical provisions. Some responses were edited for length or clarity.
I hope to someday start a business. By using my ABLE account and making ABLE to Work contributions, reaching my goals will be so much easier.
- Ulysses G.
Due to my son's disability, he will not be able use his 529 funds for post-secondary education. The transfer [to an ABLE account] option is the only means of avoiding a tax penalty to use the funds to help him.
- Deborah M.
I am beyond grateful to have an ABLE account. I don’t have other financial support. As a person with disabilities, it’s vital to be able to save money without impacting my federal disability benefits such as SSI. Please keep this [ABLE to Work Act] as a permanent program.
- Mary S.
ABLEnow is my safety net. It gives people with disabilities the option to have an actual savings account with money.
- Dustin B.
Parents should be able to save for their children's future. If your kid has medical needs, you might need an ABLE account more than a college account. Anything to help them save and maintain their finances is very important.
- Kate S.
Information updated as of August 13, 2024. The experience and opinions of these ABLEnow customers may not be representative of other account owners.
