Referred to the House Committee on Ways and Means.
Taxation
Why This Matters
This bill makes permanent certain tax rules for ABLE accounts that help people with disabilities save money. It also makes permanent rollovers from Section 529 education plans into ABLE accounts.
Who this affects
People with disabilities · Families · Providers of ABLE programs · Administrators of Section 529 plans
What changes is this bill making?
1Removes the expiration date on higher annual contributions to ABLE (Achieving a Better Life Experience) accounts.
2Allows contributions to ABLE accounts to count toward the Savers Credit.
3Repeals a 2022 SECURE 2.0 Act provision affecting retirement contribution rules for ABLE accounts.
4Removes the expiration date on rollovers from Section 529 education plans to ABLE accounts.
5Applies these changes to taxable years or distributions after the law is enacted.
