Ensuring Nationwide Access to a Better Life Experience Act

Bill: 118-s-4541
Sponsor: full_name: Sen. Schmitt, Eric [R-MO]
Introduced: 2024-06-13
Policy area: Taxation
Latest action: action_date: 2024-06-17
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 419.

Summaries:
action_date: 2024-06-13
action_desc: Introduced in Senate
text: <p><strong>Ensuring Nationwide Access to a Better Life Experience Act or the ENABLE Act</strong></p><p>This bill makes permanent three tax provisions relating to ABLE (Achieving a Better Life Experience) Accounts established to assist disabled individuals, specifically provisions allowing increased contributions to such accounts, the allowance of a retirement savings contribution tax credit up to $1,000, and allowing a tax-free rollover from a qualified tuition program (529 plan) to an ABLE Account.&nbsp;</p>

tv_txt: II Calendar No. 419 118th CONGRESS 2d Session S. 4541 IN THE SENATE OF THE UNITED STATES June 13, 2024 Mr. Schmitt (for himself and Mr. Casey ) introduced the following bill; which was read the first time June 17, 2024 Read the second time and placed on the calendar A BILL To amend the Internal Revenue Code of 1986 to make certain provisions with respect to qualified ABLE programs permanent.

1. Short title This Act may be cited as the Ensuring Nationwide Access to a Better Life Experience Act or the ENABLE Act . 2. Permanent extension of increased contributions to ABLE accounts (a) In general Section 529A(b)(2)(B)(ii) of the Internal Revenue Code of 1986 is amended by striking before January 1, 2026 . (b) Allowance of savers credit Section 25B(d)(1) of the Internal Revenue Code of 1986, as amended by section 103(e)(1) of the SECURE 2.0 Act of 2022, is amended by striking before January 1, 2026, . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 3. Permanent extension of rollovers to ABLE programs from 529 programs (a) In general Section 529(c)(3)(C)(i)(III) of the Internal Revenue Code of 1986 is amended by striking before January 1, 2026, . (b) Effective date The amendment made by this section shall apply to distributions made after the date which is 10 days after the date of the enactment of this Act.

June 17, 2024 Read the second time and placed on the calendar