Springfield Standard

Recently, Senator Eric Schmitt introduced the bipartisan Ensuring Nationwide Access to Better Life Experience (ENABLE) Act alongside 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), Ron Wyden (D-OR), Chris Coons (D-DE), and Mike Lee (R-UT). The legislation aims to allow people with disabilities and their families to save and invest through tax-free savings accounts while maintaining eligibility for federal programs like Medicaid and Supplemental Security Income (SSI).

"The ENABLE Act is a bipartisan opportunity to make life better for those with disabilities and opens doors for their families to find smart ways to save and access federal programs. Since my first day in public office, my son Stephen has inspired me to speak up and act for those who can’t – I’m proud of this bipartisan effort and excited to continue our work with the dozens of groups involved to push this bill across the finish line," said Senator Eric Schmitt.

"MODDC appreciates Senator Eric Schmitt in his endeavors to further provide resources to people with developmental disabilities by using ABLE Accounts. MODDC and Senator Schmitt have worked tirelessly to make these accounts available to Missourians. It is important for Missourians to continue to have access to the benefits of ABLE accounts in our state. His recent efforts will safeguard this access in the future. All people deserve access to the ability to save and be financially secure," stated Diana Willard, Missouri Developmental Disabilities Council Chair.

"Achieving financial independence is a goal that everyone deserves to strive for," said Missouri State Treasurer Vivek Malek. "Senator Schmitt championed the MO-Able program during his tenure as State Treasurer, helping Missourians with disabilities save and invest for their future. Thanks to this program, people with disabilities are empowered to secure employment and actively participate in society, embodying the spirit of the Show Me State. I commend Senator Schmitt for his dedication to safeguarding these opportunities through the ENABLE Act. His advocacy for those with special needs is a testament to his enduring commitment."

"The Arc of the Ozarks wholeheartedly supports the ENABLE Act, permanently extending the provisions for ABLE accounts. This is a crucial step towards enhancing the lives of people with disabilities. This legislation represents a significant stride towards ensuring equal opportunities and improving quality of life," said Tim Dygon, Executive Vice President of The Arc of the Ozarks.

The ENABLE Act has garnered support from several organizations including the National Down Syndrome Society, ABLE Savings Plan Network (ASPN), National Association of State Treasurers (NAST), BPC Action, Jewish Federations of North America, American Network of Community Options and Resources (ANCOR), Autism Speaks, Autistic Self Advocacy Network, National Down Syndrome Congress, ABLE Today, National Association of Councils on Developmental Disabilities (NACDD), and Kansas Council on Developmental Disabilities.

There are over 162,000 Achieving a Better Life Experience (ABLE) accounts under Internal Revenue Code 529A created in 2014 that allow individuals with disabilities and their families tax-free savings without losing eligibility for federal programs like Medicaid or SSI. These accounts have saved $1.74 billion annually.

Three key ABLE provisions set to expire in 2025 include:

1. **ABLE To Work**: Allows employed individuals with disabilities an additional contribution limit.

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

3. **529 To ABLE Rollover**: Permits rollover from 529 education savings account without income taxation within annual contribution limits.

Expiration would create barriers impacting future needs while increasing reliance on federal safety net programs; thus, ENABLE seeks permanent enshrinement into law providing certainty.

Senator Schmitt initiated Missouri's ABLE program during his tenure as State Treasurer where his son Stephen was account number one due having tuberous sclerosis along autism spectrum disorder epilepsy conditions highlighting personal investment behind legislative pursuit.