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 to Work Act of 2017 This bill amends the Internal Revenue Code, with respect to ABLE accounts (tax-exempt savings accounts for persons with a disability), to allow: (1) an ABLE account beneficiary to make additional contributions to an ABLE account equal to the lesser of such beneficiary's compensation or an amount equal to the federal poverty line for a one-person household, and (2) a retirement savings tax credit for contributions to an ABLE account.
AI Summary
This bill, the ABLE to Work Act of 2017, amends the Internal Revenue Code to allow individuals with disabilities to make additional contributions to their ABLE (Achieving a Better Life Experience) accounts if they are employed and earning income. Specifically, the bill allows ABLE account beneficiaries to contribute up to the lesser of their annual compensation or the federal poverty line for a one-person household, in addition to the existing annual contribution limit. The bill also provides a retirement savings tax credit for contributions made to an ABLE account.
Committee Categories
Budget and Finance
Sponsors (16)
Richard Burr (R)*,
Sherrod Brown (D),
Bob Casey (D),
Susan Collins (R),
Tom Cotton (R),
John Neely Kennedy (R),
Amy Klobuchar (D),
Ed Markey (D),
Jerry Moran (R),
Chris Murphy (D),
Mike Rounds (R),
Thom Tillis (R),
Pat Toomey (R),
Chris Van Hollen (D),
Elizabeth Warren (D),
Sheldon Whitehouse (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/818/all-info |
| BillText | https://www.congress.gov/115/bills/s818/BILLS-115s818is.pdf |
| Bill | https://www.congress.gov/115/bills/s818/BILLS-115s818is.pdf.pdf |
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