Search Results: keywords:"able accounts"

  • H. R. 10296 — To amend the Internal Revenue Code of 1986 to make expiring ABLE provisions permanent, improve accessibility and education for families, and for other purposes.
    Status:Introduced in House
    Words:2,247

    H.R. 10296, also known as the “ABLE Tomorrow Act,” aims to amend the Internal Revenue Code to permanently extend and improve provisions related to ABLE accounts, which help people with disabilities save money. It removes previous expiration dates for increased contribution limits and allows...

    Simple Explanation

    The ABLE Tomorrow Act wants to help people with disabilities save money by making it easier for them to use special savings accounts called ABLE accounts forever, letting them save more and giving them more information about how these accounts work.

  • S. 4911 — To amend the Internal Revenue Code to allow employers to contribute to ABLE accounts in lieu of retirement plan contributions.
    Status:Introduced in Senate
    Words:1,174

    S. 4911, known as the “ABLE Employment Flexibility Act,” proposes changes to the Internal Revenue Code to allow employers to contribute directly to ABLE accounts for eligible individuals as an alternative to retirement plan contributions. It ensures that these contributions...

    Simple Explanation

    S. 4911 wants to let companies put money into special savings accounts called ABLE accounts to help people with disabilities, instead of just putting money into retirement plans. This bill makes sure that doing this is okay with tax rules and tries to keep it fair for everyone working at the company.

  • S. 4910 — To direct Federal agencies to provide information on ABLE accounts and to provide grants for increasing awareness of ABLE accounts.
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    Status:Introduced in Senate
    Words:2,699

    The bill S. 4910, known as the "ABLE Awareness Act," aims to improve awareness and understanding of ABLE accounts, which help individuals with disabilities save money for disability-related expenses. It directs federal agencies like the Social Security Administration,...

    Simple Explanation

    The bill wants to help people with disabilities learn about special savings accounts called ABLE accounts, which can be used for things they need, like medical care or education. It also sets aside money to help teach more people about these accounts so they can use them too.

  • H. R. 10302 — To amend the Internal Revenue Code to allow employers to contribute to ABLE accounts in lieu of retirement plan contributions.
    Status:Introduced in House
    Words:1,148

    H.R. 10302 seeks to amend the Internal Revenue Code to allow employers to contribute to ABLE accounts instead of making contributions to retirement plans. This change means that employees eligible for ABLE accounts can opt for their employer's contributions to go into their...

    Simple Explanation

    H.R. 10302 would let employers put money into special savings accounts for workers with disabilities instead of their retirement plans, making sure such deposits won't mess up the usual rules for saving for the future.