Senator Eric Schmitt’s Ensuring Nationwide Access to Better Life Experience (ENABLE) Act passed the United States Senate. The ENABLE Act extends several provisions relating to ABLE accounts that were set to expire in 2025.

The bill was introduced in June, led by Senator Schmitt and Senator Casey, with others co-sponsoring the bill:

“Today is a monumental day, with the critically important ENABLE Act passing the Senate. When I originally entered public service, it was to fight for people like my son Stephen, who was born with a rare genetic disease, has epilepsy, is on the autism spectrum, and is non-verbal. This legislation is the perfect example of what I entered public service to do. The ENABLE Act helps make life better for those with disabilities by allowing them and their families to continue saving and investing through tax-free savings accounts. This legislation empowers those individuals to secure employment and actively participate in society. I am thankful for the support of my colleagues in helping to ensure the passage of this critically important legislation,” said Senator Eric Schmitt.

There are over 162,000 ABLE accounts. Created in 2014, these accounts allow people with disabilities and their families to save and invest through tax-free savings accounts without losing eligibility for federal programs like Medicaid and SSI. Three ABLE provisions were set to expire in 2025: ABLE to Work, ABLE Saver’s Credit, and 529 to ABLE rollover. The ENABLE Act permanently enshrines these provisions into law.

Individuals with ABLE accounts have saved $1.74B annually. For more information, click here.