119-s627

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 627 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 627

 To amend the Internal Revenue Code of 1986 to make certain provisions 
 with respect to qualified ABLE programs permanent.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 February 19, 2025

Mr. Schmitt (for himself, Mr. Van Hollen, Mr. Boozman, Mr. Tuberville, 
Mr. Kaine, Mrs. Britt, Ms. Klobuchar, Mr. Coons, Mr. Moran, Mr. Tillis, 
Mr. Fetterman, Mr. Warnock, Mr. Sullivan, and Mr. Kelly) introduced the 
 following bill; which was read twice and referred to the Committee on 
 Finance

_______________________________________________________________________

 A BILL

 To amend the Internal Revenue Code of 1986 to make certain provisions 
 with respect to qualified ABLE programs permanent.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Ensuring Nationwide Access to a 
Better Life Experience Act'' or the ``ENABLE Act''.

SEC. 2. PERMANENT EXTENSION OF INCREASED CONTRIBUTIONS TO ABLE 
 ACCOUNTS.

    (a) In General.--

Section 529A

    (b)

    (2)
        (B)
            (ii) of the Internal Revenue 
Code of 1986 is amended by striking ``before January 1, 2026''.

    (b) Allowance of Savers Credit.--

    (1) In general.--

Section 25B
            (d) (1) of the Internal Revenue 
 Code of 1986 is amended to read as follows:
 ``

    (1) In general.--The term `qualified retirement savings 
 contributions' means, with respect to any taxable year, the sum 
 of--
 ``
        (A) the amount of contributions made by the 
 eligible individual during such taxable year to the 
 ABLE account (within the meaning of 

section 529A) of 
 which such individual is the eligible beneficiary, and
 ``
        (B) in the case of any taxable year beginning 
 before January 1, 2027--
 ``
            (i) the amount of the qualified 
 retirement contributions (as defined in 

section 219

    (e) ) made by the eligible individual,
 ``
            (ii) the amount of--
 ``
            (I) any elective deferrals (as 
 defined in 

section 402

    (g)

    (3) ) of such 
 individual, and
 ``
            (II) any elective deferral of 
 compensation by such individual under 
 an eligible deferred compensation plan 
 (as defined in 

section 457

    (b) ) of an 
 eligible employer described in 

section 457

    (e)

    (1)
        (A) , and
 ``
            (iii) the amount of voluntary employee 
 contributions by such individual to any 
 qualified retirement plan (as defined in 
 

section 4974
            (c) ).''.

    (2) Coordination with secure 2.0 act of 2022 amendment.--
 Paragraph

    (1) of 

section 103

    (e) of the SECURE 2.0 Act of 2022 
 is repealed, and the Internal Revenue Code of 1986 shall be 
 applied and administered as though such paragraph were never 
 enacted.
            (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 3. PERMANENT EXTENSION OF ROLLOVERS TO ABLE PROGRAMS FROM 529 
 PROGRAMS.

    (a) In General.--

Section 529
            (c) (3)
            (C) 
            (i) 
            (III) of the Internal 
Revenue Code of 1986 is amended by striking ``before January 1, 
2026,''.

    (b) Effective Date.--The amendment made by this section shall apply 
to distributions made after the date of the enactment of this Act.
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