Bill reintroduced to help those with disabilities remain eligible for additional savings

WASHINGTON, D.C. (KCTV) - A handful of U.S. Senators have teamed up to reintroduce a bill that would help those with disabilities continue to be eligible for additional savings.

U.S. Senator Jerry Moran (R-Kan.) says he ed Sens. Eric Schmitt (R-Mo.) and Chris Van Hollen (D-Md.). to reintroduce the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act.

“As co-chair of the Congressional Down Syndrome Task Force, I worked to help the original ABLE Act, and I am grateful to see more steps being taken to secure this important program that allows individuals with disabilities to have greater financial stability,” Sen. Moran said. “By extending reforms to this program that have already proven successful, people with disabilities can continue to access these s and have flexibility investing in their futures. I thank Sens. Schmitt and Van Hollen for their continued efforts to protect this critical program.”

Moran, co-chair of the Congressional Down Syndrome Task Force, indicated that the bill would make several provisions of the Tax Cuts and Jobs Act related to the ABLE s permanent.

“I was proud to lead the introduction of the ENABLE Act in the 118th Congress, where this critical legislation ed the Senate,” Schmitt said. “I entered public service to fight for people like my son Stephen. Stephen was born with a rare genetic disease, is on the autism spectrum, has epilepsy, and is non-verbal. I know firsthand how critical ABLE s are to individuals with disabilities and their families. ABLE s allow individuals with disabilities to save for their future and ease burdens on their families. It’s a common-sense solution that provides an easy fix for those who depend on ABLE s, and I’m proud to have bipartisan, bicameral for this important piece of legislation.”

The Senators noted that they were ed by Sens. Katie Britt (R-Ala.), Dan Sullivan (R-Alaska), John Fetterman (D-Pa.), Tommy Tuberville (R-Ala.), John Boozman (R-Ark., Tim Kaine (D-Va.), Amy Klobuchar (D-Minn.), Thom Tillis (R-N.C.), Chris Coons (D-Del.), Raphael Warnock (D-Ga.) and Mark Kelly (D-Ariz.).

“I worked alongside a bipartisan coalition to create the ABLE Program over a decade ago to expand financial tools for people with disabilities and their families,” Van Hollen noted. “Since then, it has helped empower more than a hundred thousand Americans and provide greater flexibility for families to loved ones with disabilities. Making these key ABLE provisions permanent will build on the success of the ABLE Act and allow these Americans and many more to continue growing their savings and strengthening their economic independence.”

According to the Senators, the bill would allow those with disabilities and their families to invest through tax-free savings s such as a Better Life Experience . They would not lose eligibility for programs like Medicaid and Supplemental Security Income. The TCJA includes three provisions related to these s:

• ABLE to Work - An individual with a disability who is employed can contribute an additional amount to their ABLE . This additional contribution cannot be greater than either:
  • The prior year’s federal poverty level for a 1-person household ($15,060 in 2024) or
  • The beneficiary’s yearly compensation
• ABLE Saver’s Credit - An individual with a disability who makes qualified contributions to their ALBE can qualify for a nonrefundable saver’s credit of up to $1,000.
• 529 to ABLE rollover - An individual with a disability can roll over from a 529 education savings to an ABLE that are less than or equal to the annual ABLE contribution limit tax and is penalty-free.

To read the full text of the legislation, click HERE.

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