summary
Introduced
04/04/2017
04/04/2017
In Committee
04/04/2017
04/04/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
ABLE Financial Planning Act This bill amends the Internal Revenue Code to allow tax-free rollovers of amounts in qualified tuition programs (529 plans) to qualified ABLE programs. (Tax-favored ABLE [Achieving a Better Life Experience] accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses.)
AI Summary
This bill, the ABLE Financial Planning Act, amends the Internal Revenue Code to allow tax-free rollovers of amounts in qualified tuition programs (529 plans) to qualified ABLE (Achieving a Better Life Experience) programs. ABLE accounts are designed to enable individuals with disabilities to save for and pay for disability-related expenses. The bill allows rollovers from a 529 plan to an ABLE account of the designated beneficiary or a member of the beneficiary's family, subject to the annual contribution limit for ABLE accounts.
Committee Categories
Budget and Finance
Sponsors (8)
Bob Casey (D)*,
Sherrod Brown (D),
Richard Burr (R),
Al Franken (D),
Amy Klobuchar (D),
Jeff Merkley (D),
Pat Toomey (R),
Chris Van Hollen (D),
Last Action
Read twice and referred to the Committee on Finance. (on 04/04/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/816/all-info |
| BillText | https://www.congress.gov/115/bills/s816/BILLS-115s816is.pdf |
| Bill | https://www.congress.gov/115/bills/s816/BILLS-115s816is.pdf.pdf |
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