Smucker, Beyer Introduce ENABLE Act Supporting Individuals with Disabilities

Reps. Lloyd Smucker (PA-11) and Don Beyer (VA-08), members of the Ways and Means Committee, announce jointly-introducing the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act (H.R. 9614). This legislation helps individuals with disabilities save for their futures by permanently extending three provisions of the tax code which expire in 2025.

In 2014, Congress established Achieving a Better Life Experience (ABLE) accounts allowing individuals with disabilities and their families to save and invest in tax-free savings accounts without losing eligibility to federal support programs like Medicaid and Supplemental Security Income. In nearly a decade 162,000 ABLE accounts have saved more than $1.7 billion with an average account holder balance of nearly $11,00.

Expiring tax provisions supporting ABLE accounts include allowing individuals with disabilities to contribute more to their ABLE account if they are employed, eligibility for a non-refundable savers credit of up to $1,000, and rollover of qualified funds into an ABLE account from a 529 education savings account.

"Individuals with disabilities and their families ought to have certainty about ABLE account tax provisions. Passing The ENABLE Act will ensure just that and allow individuals to continue to save and invest for their futures. I thank Rep. Beyer for joining with me on a bipartisan basis to advance this critical legislation which I encourage all my colleagues to support," said Rep. Lloyd Smucker (PA-11).

"ABLE accounts provide people with disabilities the means to save for their future and improve their lives," said Rep. Don Beyer. "Our legislation would permanently extend three temporary improvements that dramatically expanded the reach and effectiveness of ABLE accounts, facilitating long-term saving and helping individuals with disabilities build an independent financial future."

"ABLE accounts have given people with disabilities the opportunity to live far more independently all across the United States," said Pennsylvania Treasurer Stacy Garrity, who serves as Chair of the National ABLE Savings Plans Network (ASPN). "The ENABLE Act will ensure that they can continue to save with ABLE without fear of losing critical program benefits. We absolutely have to get this done, and I commend Congressman Smucker and Congressman Beyer for their bipartisan work on this very important issue."

"ABLE accounts play a crucial role in breaking down barriers to economic independence for individuals with disabilities," said Mary Morris, CEO of Commonwealth Savers, the independent Virginia state agency that administers the national ABLEnow program. "We fully support efforts to ensure these important ABLE provisions become permanent. Everyone deserves the opportunity to save and achieve financial security."