ABLE MATCH (Making Able a Tool to Combat Hardship) Act

HR 5102, the ABLE MATCH Act, creates a federal matching program for tax-advantaged savings accounts (ABLE accounts) held by people with disabilities. It provides a 100% match (up to $2,000 annually) for contributions to ABLE accounts made by individuals with income below 200% of the federal poverty level, paid directly into their accounts by the IRS. The match phases out for higher earners (with a $56,000 income threshold for joint filers) and applies to both new and existing accounts. The bill also requires states to report demographic data on ABLE account holders and allocates $5 million annually to fund state outreach programs promoting ABLE accounts.