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ABLE Account

A tax-advantaged savings account for individuals with disabilities, allowing them to save money for qualified disability expenses without affecting their eligibility for certain government benefits like SSI or Medicaid.

529 Plan

A tax-advantaged savings plan designed to encourage saving for future education costs, like college tuition, room and board, and other related expenses.

Internal Revenue Code of 1986

The official body of tax laws for the United States, which is managed by the Internal Revenue Service (IRS).

Savers Credit (Retirement Savings Contributions Credit)

A non-refundable tax credit for eligible lower and middle-income individuals who contribute to retirement accounts, and under this bill, also to ABLE accounts.

Eligible Beneficiary

An individual with a disability whose onset occurred before age 26, who is entitled to benefits based on blindness or disability, and for whom an ABLE account is established.

Qualified Disability Expenses

Any expenses related to an individual's blindness or disability that help maintain their health, independence, or quality of life. Examples include education, housing, transportation, employment training, assistive technology, and personal support services.