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S627119th CongressWALLET

ENABLE Act

Sponsored By: Senator Schmitt, Eric [R-MO]

Introduced

Summary

Permanently extends and expands tax benefits for ABLE accounts. This bill would keep higher contribution rules for ABLE accounts in place and preserve rollovers from 529 college plans into ABLE accounts, while also changing how the Saver's Credit counts ABLE and certain retirement contributions.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

ABLE savings count for Saver's Credit

If enacted, you would be able to count money you put into your own ABLE account when you figure the Saver's Credit for tax years ending after enactment. For tax years beginning before January 1, 2027, certain retirement plan deferrals and voluntary plan contributions would also count toward the credit. The bill would also undo a SECURE 2.0 change and require the IRS to apply the older Saver's Credit calculation for those years. These changes would let many low- and middle-income taxpayers and people with disabilities get a larger Saver's Credit.

Permanent ABLE contribution and rollover

If enacted, the bill would remove the January 1, 2026 expiration so the higher ABLE contribution rule is permanent for tax years ending after enactment. If enacted, it would also permanently allow rollovers from 529 education accounts to ABLE accounts for distributions made after enactment. These changes would help people with disabilities and families move more tax-advantaged money into ABLE accounts over time.

Sponsors & CoSponsors

Sponsor

Schmitt, Eric [R-MO]

MO • R

Cosponsors

  • Sen. Van Hollen, Chris [D-MD]

    MD • D

    Sponsored 2/19/2025

  • Sen. Boozman, John [R-AR]

    AR • R

    Sponsored 2/19/2025

  • Sen. Tuberville, Tommy [R-AL]

    AL • R

    Sponsored 2/19/2025

  • Sen. Kaine, Tim [D-VA]

    VA • D

    Sponsored 2/19/2025

  • Sen. Britt, Katie Boyd [R-AL]

    AL • R

    Sponsored 2/19/2025

  • Sen. Klobuchar, Amy [D-MN]

    MN • D

    Sponsored 2/19/2025

  • Sen. Coons, Christopher A. [D-DE]

    DE • D

    Sponsored 2/19/2025

  • Sen. Moran, Jerry [R-KS]

    KS • R

    Sponsored 2/19/2025

  • Sen. Tillis, Thomas [R-NC]

    NC • R

    Sponsored 2/19/2025

  • Sen. Fetterman, John [D-PA]

    PA • D

    Sponsored 2/19/2025

  • Sen. Warnock, Raphael G. [D-GA]

    GA • D

    Sponsored 2/19/2025

  • Sen. Sullivan, Dan [R-AK]

    AK • R

    Sponsored 2/19/2025

  • Sen. Kelly, Mark [D-AZ]

    AZ • D

    Sponsored 2/19/2025

  • Sen. Lee, Mike [R-UT]

    UT • R

    Sponsored 2/27/2025

  • Sen. Ossoff, Jon [D-GA]

    GA • D

    Sponsored 3/31/2025

  • Sen. Husted, Jon [R-OH]

    OH • R

    Sponsored 5/6/2025

Roll Call Votes

No roll call votes available for this bill.

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