The United States Senate passed new legislation on Friday to support individuals with disabilities and their families in saving and investing through tax-free savings accounts.
U.S. Senators Katie Britt (R-Ala.), Eric Schmitt (R-Mo.), and Bob Casey Jr. (D-Pa.) have introduced a new legislation known as the ENABLE Act. This act aims to empower families and improve their economic opportunities, all while safeguarding their eligibility for federal programs such as Medicaid and Supplemental Security Income (SSI).
“Today marks a momentous occasion as the Senate successfully passes the ENABLE Act,” expressed Senator Eric Schmitt with great enthusiasm. He further added, “When I first embarked on my journey in public service, it was driven by the desire to advocate for individuals like my son Stephen. Stephen, who was born with a rare genetic condition, battles epilepsy, is on the autism spectrum, and is non-verbal. This legislation serves as a shining example of the very purpose that led me to public service in the first place.”
The ENABLE Act is a significant step towards enhancing the quality of life for people with disabilities. It empowers them, along with their families, to continue their savings and investments through tax-free savings accounts. By doing so, this legislation provides individuals with disabilities the means to secure employment and actively participate in society. Senator Eric Schmitt expressed gratitude towards his fellow colleagues for their unwavering support, ensuring the successful passage of this crucial legislation.
Earlier this week, Senator Britt, Senator Schmitt, and Alabama State Treasurer Young Boozer took part in a roundtable discussion aimed at raising awareness for the ENABLE Act. Senator Britt highlighted the significance of this legislation during the discussion.
According to Senator Britt, every child should have a chance to achieve their maximum potential. The ENABLE Act, which has been passed by the Senate, aims to provide opportunities for children to invest and save for their future. Senator Britt expresses pride in the passage of the ENABLE Act and highlights the positive impact it has had in Alabama through the ABLE plan. The program has been instrumental in transforming lives and empowering families. Senator Britt looks forward to witnessing the continued success of the program in enhancing economic opportunities for Americans and Alabamians with disabilities.
Over 162,000 families have access to Achieving a Better Life Experience (ABLE) accounts. These accounts have enabled them to save a remarkable $1.74 billion every year.
According to the U.S. Senate, there are three ABLE provisions that are set to expire in 2025. If these provisions expire, individuals with disabilities may face barriers in saving for their future needs. It could also lead to increased reliance on federal safety net programs.
The ENABLE Act ensures that these provisions are permanently protected by law, giving peace of mind to individuals who depend on ABLE accounts.
