ABLE Age Adjustment Act

ABLE Age Adjustment Act

This bill increases from 26 to 46 the age threshold for tax-favored ABLE (Achieving a Better Life Experience) accounts. (ABLE accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses. To establish an account, an individual must have a qualifying impairment that began before the individual attained the age threshold.)

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 331 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                 S. 331

    To amend the Internal Revenue Code of 1986 to increase the age 
  requirement with respect to eligibility for qualified ABLE programs.


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                   IN THE SENATE OF THE UNITED STATES

                           February 22, 2021

   Mr. Casey (for himself, Mr. Moran, Mr. Wyden, Mr. Van Hollen, Mr. 
 Boozman, Mr. Blumenthal, and Ms. Murkowski) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

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                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to increase the age 
  requirement with respect to eligibility for qualified ABLE programs.

    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 ``ABLE Age Adjustment Act''.

SEC. 2. MODIFICATION OF AGE REQUIREMENT FOR QUALIFIED ABLE PROGRAMS.

    (a) In General.--Section 529A(e) of the Internal Revenue Code of 
1986 is amended by striking ``age 26'' each place it appears in 
paragraphs (1)(A) and (2)(A)(i)(II) and inserting ``age 46''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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