The ABLE Tomorrow Act expands access to and awareness of ABLE accounts, which are tax-advantaged savings accounts designed for people with disabilities. The bill allows employees with disabilities to direct their employer retirement contributions to ABLE accounts instead of traditional 401(k) plans, requires the Social Security Administration, Department of Veterans Affairs, and multiple federal benefit programs (including Medicaid, housing assistance, and vocational rehabilitation) to inform eligible individuals about ABLE accounts when they enroll or receive services, and authorizes up to $50 million annually from 2027 to 2031 for states and tribes to conduct outreach and awareness campaigns. The Treasury Department has one year from enactment to issue regulations clarifying the tax treatment of employer contributions to these accounts. Overall, the legislation aims to help people with disabilities build financial independence by increasing knowledge about and access to ABLE accounts across federal agencies and programs.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.