WASHINGTON, DC – Legislation called the ENABLE Act – H.R. 9614 – has been introduced by area Congressman Lloyd Smucker. The measure will help individuals with disabilities save for their futures through ABLE accounts by permanently extending provisions of the tax code set to expire next year. Expiring tax provisions supporting ABLE accounts include allowing individuals with disabilities to contribute more to their ABLE account if they are employed, eligibility for a non-refundable savers credit of up to $1,000, and rollover of qualified funds into an ABLE account from a 529 education savings account. 162,000 ABLE accounts have been established. Smucker said individuals with disabilities and their families ought to have certainty about ABLE account tax provisions. Passing The ENABLE Act will ensure just that and allow individuals to continue to save and invest for their futures. The Republican lawmaker offered the bipartisan measure with Democrat Congressman Don Beyer of Virginia.
REP. LLOYD SMUCKER