ABLE Age Adjustment Act

Bill: 117-s-331
Sponsor: full_name: Sen. Casey, Robert P., Jr. [D-PA]
Introduced: 2021-02-22
Policy area: Taxation
Subjects: Bank accounts, deposits, capital

Disability and paralysis

Income tax exclusion
Latest action: action_date: 2021-02-22
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2021-02-22
action_desc: Introduced in Senate
text: <p><strong>ABLE Age Adjustment Act</strong></p> <p>This bill increases from 26 to 46 the age&nbsp;threshold for tax-favored ABLE (Achieving a Better Life Experience) accounts. (ABLE accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses. To establish an account, an individual must have a qualifying impairment that began before the individual attained the age threshold.)</p>

tv_txt: II 117th CONGRESS 1st Session S. 331 IN THE SENATE OF THE UNITED STATES February 22, 2021 Mr. Casey (for himself, Mr. Moran , Mr. Wyden , Mr. Van Hollen , Mr. Boozman , Mr. Blumenthal , and Ms. Murkowski ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the age requirement with respect to eligibility for qualified ABLE programs.

1. Short title This Act may be cited as the ABLE Age Adjustment Act . 2. Modification of age requirement for qualified ABLE programs (a) In general Section 529A(e) of the Internal Revenue Code of 1986 is amended by striking age 26 each place it appears in paragraphs (1)(A) and (2)(A)(i)(II) and inserting age 46 . (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.