3 ABLE Act Provisions Made Permanent
Congress passed the ENABLE Act, which was signed into law July 4, making permanent three provisions of ABLE legislation passed in 2017 that were set to expire at the end of 2025:
1. 529 to ABLE Rollover: allows rollovers of assets from 529 education savings accounts to ABLE accounts. Read more about contributing to an IL ABLE Account.
2. ABLE to Work: allows Account Owners who are working to contribute more to their ABLE accounts. Read more about IL ABLE & Working Account Owners.
3. ABLE Saver’s Credit: allows Account Owners to claim a non-refundable tax credit for contributions made to their ABLE accounts. Read more about the Saver’s Credit at irs.gov.
These three permanent ABLE provisions may help Account Owners make the most of their IL ABLE Accounts.
Learn more about IL ABLE at illinoisable.com and read the Plan Disclosure Booklet.