U.S. Rep. Cathy McMorris Rodgers (R-WA) recently signed on as the lead original cosponsor of a bipartisan bill to extend the age limit for opening an ABLE account, also known as a 529 ABLE or 529A account, which is a state-run savings program for eligible people with disabilities in the United States.
The ABLE Age Adjustment Act, H.R. 1814, sponsored on March 18 by U.S. Rep. Tony Cárdenas (D-CA), would raise the age limit for eligibility to open an ABLE account from age 26 to 46. The proposal originally stems from the Achieving a Better Life Experience (ABLE) Act, which became law in 2014 and authorized tax-free savings accounts for job training, education and disability-related expenses.
“From the ABLE Act to expanding ABLE accounts in tax reform, we’ve made progress the past four years on empowering people with disabilities to live fuller and more independent lives,” Rep. McMorris Rodgers said. “For people who develop a disability later in life, the ABLE Age Adjustment Act will expand access to tax-free ABLE accounts to help them pay for healthcare and other new expenses.”
Among the members joining McMorris Rodgers as an original cosponsor of H.R. 1814 are U.S. Reps. Brian Fitzpatrick (R-PA) and Mike Turner (R-OH).
The congresswoman noted that because federal lawmakers have grown the nation’s economy and created jobs, the gap is closing and more Americans with disabilities are working.
“The ABLE Age Adjustment Act will make sure more people who are ready, willing and able to work can open their own ABLE accounts, save more of their own paycheck, and build a foundation for a better life,” said McMorris Rodgers.
H.R. 1814 has been referred to the U.S. House Ways and Means Committee for consideration.