The ENABLE Act would make permanent several tax benefits for ABLE accounts, which are savings accounts designed to help people with disabilities and their families save money without losing government benefits. Currently, these accounts have expiration dates set for early 2026, but this bill would remove those deadlines. Specifically, the legislation would permanently allow higher annual contributions to ABLE accounts, extend a tax credit for savers who contribute to these accounts, and allow families to transfer unused funds from education savings plans (529 plans) into ABLE accounts without tax penalties. The bill has bipartisan support from senators across both parties and would take effect once enacted, with no specific new federal funding mentioned in the legislation.
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