Three ABLE Act Amendments Introduced
Building upon the ABLE Act of 2014, three amendments were introduced in the House and Senate in March 2016, and referred to the appropriate committees of jurisdiction. Unfortunately, they have not seen any legislative progress since that time. With time running out for Congress to act this year, we can’t be complacent — we must educate ourselves and others on their significance. Here is a brief summary of each:
- The ABLE Age Adjustment Act would raise the age limit for eligibility to before age 46.
- The ABLE Financial Planning Act would allow tax-free rollovers between a 529 college savings account and an ABLE account.
- The ABLE to Work Act would allow individuals to exceed the annual contribution limit and save more money in an ABLE account if the individual earns income.