ABLE Account

Representative Cathy Rodgers (R-WA), has introduced the ABLE Tomorrow Act. According to a press release, the proposal would do the following.

• Make the ABLE to Work Act and ABLE Financial Planning Act permanent
• Eliminate the Medicaid clawback in the original ABLE Act
• Allow for a one-time lump sum into an ABLE account beyond the $18,000 per gift tax contribution limit for certain instances
• Allow an employer to make contributions to an ABLE eligible worker’s 529A account in lieu of contributions to the employer’s defined contribution plan

Representative Brittany Pettersen (D-Co), and co-sponsor Maria Salazar (R-FL), have introduced H.R. 9764, the Catching Up Family Caregivers Act. According to a press release, the bill would allow family caregivers to make catch-up contributions to employer-sponsored retirement plans, an option typically reserved for those over age 50. For every year they are out of the workforce, caregivers could be eligible for an additional year of catch-up contributions, up to a maximum of five years.

Representatives Lloyd Smucker (R-PA), and Don Beyer (D-VA), have introduced  H.R. 9614, the Ensuring Nationwide Access to a Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025. 

Senator Bob Casey (D-PA) has introduced a suite of bills intended to expand access to and increase awareness of Achieving a Better Life Experience (ABLE) accounts. While bill text is not yet available, details of the proposals were shared via a press release.

Rep. Kevin Hern, (R-OK), and three Republican co-sponsors have introduced HR 8915, the Education and Workforce Freedom Act.

Senator Eric Schmitt (R-MO), along with five Republican co-sponsors and six Democratic co-sponsors, have introduced S. 4539, the Ensuring Nationwide Access to Better Life Experience (ENABLE) Act. The proposal would make permanent the following provisions that are set to expire at the end of 2025.

Senator Bob Casey (D-PA) and several co-sponsors have introduced S. 3716, the 401Kids Savings Account Act.

Senator Bob Casey (D-PA), with cosponsors Sens. Wyden (D-OR), Klobuchar (D-MN), Sanders (I-VT), and Duckworth (D-IL), introduced the ABLE MATCH (Making Able a Tool to Combat Hardship) Act.

Senator Ted Cruz (R-TX) and co-sponsor Senator Mike Braun (R-IN) have introduced S. 1226, a bill to make permanent several individual tax provisions.

The IRS has posted a series of frequently asked questions addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Internal Revenue Code Section 213 that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.