ABLE Tomorrow Act

The ABLE Tomorrow Act expands and strengthens the ABLE program, which allows people with disabilities to save money in tax-advantaged accounts without risking their eligibility for essential government benefits like Medicaid and Supplemental Security Income. Key changes include removing limits on transferring funds from 529 college savings plans into ABLE accounts and creating exceptions to annual contribution caps for specific lump-sum payments. The bill also permits employers to contribute directly to an employee's ABLE account as part of a retirement plan and requires various federal agencies to inform beneficiaries about these savings opportunities. Additionally, the legislation authorizes $50 million in grants over five years to help states and tribes promote ABLE accounts and increase participation among eligible individuals.