Springfield Standard

This week, Senator Eric Schmitt introduced the bipartisan Ensuring Nationwide Access to Better Life Experience (ENABLE) Act with Senators Bob Casey (D-PA), John Boozman (R-AR), Chris Van Hollen (D-MD), Tom Cotton (R-AR), Peter Welch (D-VT), Tommy Tuberville (R-AL), Tim Kaine (D-VA), Katie Britt (R-AL), Amy Klobuchar (D-MN), Markwayne Mullin (R-OK), and Ron Wyden (R-OR). The bill aims to allow people with disabilities and their families to save and invest through tax-free savings accounts while protecting eligibility for federal programs like Medicaid and Supplemental Security Income (SSI).

"My son, Stephen, was my inspiration to run for office in the first place, and since that first day, I have been a staunch advocate for standing up and making life better for those with disabilities. The ENABLE Act is a fantastic bipartisan opportunity to protect access to federal programs for those with disabilities while safeguarding their ability to invest and save. I’m grateful for the support of Senators Casey, Boozman, Welch, Kaine, Van Hollen, Tuberville, Britt, Mullin, Cotton, Wyden, and Klobuchar," said Senator Eric Schmitt.

"For years, people with disabilities were barred from saving for the future," said Senator Bob Casey. "I worked to create the ABLE program to knock down those barriers... This new bipartisan bill will prevent some key ABLE provisions from expiring."

"Every human being is created by God and has inherent dignity," said Senator Tommy Tuberville. "This legislation provides crucial safeguards for people with disabilities."

"This is a commonsense measure that helps individuals with disabilities... invest and save for the future," said Senator John Boozman.

"A decade ago, I was proud to support the creation of ABLE accounts through the ABLE Act," said Senator Peter Welch. "By making key provisions of the ABLE Act permanent... our bipartisan ENABLE Act will protect access to vital federal programs."

"The ABLE Act has empowered people with disabilities to take charge of their economic futures," said Senator Chris Van Hollen.

"People with disabilities often face higher living expenses," said Senator Tim Kaine. "This bipartisan bill would help them continue to access support."

"There are few more important causes than helping families care for their disabled loved ones," said Senator Tom Cotton.

Keith Wargo, president and CEO of Autism Speaks stated: "We are grateful for this bipartisan effort... By permanently extending key elements of ABLE policy... [the ENABLE Act] will empower autistic individuals."

The ENABLE Act is supported by several organizations including Autism Speaks and the National Down Syndrome Society.

BACKGROUND:

There are over 162,000 Achieving a Better Life Experience (ABLE) accounts under the Internal Revenue Code. Created in 2014, these accounts allow people with disabilities and their families to save without losing eligibility for federal programs like Medicaid and SSI. Individuals have saved $1.74 billion annually through these accounts.

Three ABLE provisions set to expire in 2025 include:

1. **ABLE to Work**: Allows additional contributions based on employment.

2. **ABLE Saver’s Credit**: Provides a nonrefundable credit up to $1,000.

3. **529 to ABLE rollover**: Permits rollovers from 529 education savings accounts without taxation.

Senator Schmitt led Missouri’s ABLE program implementation when he served as State Treasurer; his son Stephen was account number one in Missouri’s program.