WASHINGTON, D.C. — On Friday, the U.S. Senate approved the Ensuring Nationwide Access to a Better Life Experience (ENABLE) Act. Spearheaded by Senator Bob Casey (D-PA), this bipartisan legislation aims to make permanent three crucial provisions of the Achieving a Better Life Experience (ABLE) program, originally established in 2014.
The ABLE program allows individuals with disabilities and their families to save and invest through tax-free savings accounts without jeopardizing eligibility for critical federal programs such as Medicaid and Supplemental Security Income (SSI). These accounts have become a vital tool for over 181,000 Americans with disabilities, who have collectively saved nearly $2 billion.
However, three key provisions of this program face expiration in 2025. The ENABLE Act seeks to permanently entrench these provisions, ensuring continued benefits for the disabled community. These include the ABLE to Work provision, which allows employed individuals with disabilities to make additional contributions to their ABLE accounts, subject to certain limitations. Additionally, the ABLE Saver’s Credit offers a nonrefundable credit for qualified contributions, and the 529 to ABLE rollover provision permits transfers from 529 education savings accounts to ABLE accounts without incurring income taxes.
Senator Casey, who has been a staunch advocate for disability rights, emphasized the importance of the legislation: “Now that my bipartisan bill to prevent some key ABLE provisions from expiring has passed the Senate, it is on its way to ensuring that as many people with disabilities as possible across the country can continue to benefit from opening ABLE accounts.”
The ENABLE Act, co-sponsored by a diverse group of Senators, reflects a concerted effort to tackle the economic challenges faced by individuals with disabilities. Statistics indicate that people with disabilities are more than twice as likely to live in poverty compared to their able-bodied counterparts. Moreover, households with a member who has a work-limiting disability require, on average, 28% more income to achieve a comparable standard of living.
By making these provisions permanent, the ENABLE Act aims to provide a stable financial foundation for individuals with disabilities, bolstering their economic security and paving the way for greater autonomy and opportunity. As the bill progresses towards final enactment, it represents a pivotal advancement in the fight for equity and empowerment for the disabled community.
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