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Senate Bill 816
115th Congress(2017-2018)
ABLE Financial Planning Act
Introduced
Introduced
Introduced in Senate on Apr 4, 2017
Overview
Text
Introduced in Senate 
Apr 4, 2017
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Introduced in Senate(Apr 4, 2017)
Apr 4, 2017
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 816 (Introduced-in-Senate)


115th CONGRESS
1st Session
S. 816


To amend the Internal Revenue Code of 1986 to allow rollovers from 529 programs to ABLE accounts.

IN THE SENATE OF THE UNITED STATES

April 4, 2017

Mr. Casey (for himself, Mr. Burr, and Mr. Van Hollen) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to allow rollovers from 529 programs to ABLE accounts.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “ABLE Financial Planning Act”.

SEC. 2. Rollovers to ABLE programs from 529 programs.

(a) In general.—Clause (i) of section 529(c)(3)(C) of the Internal Revenue Code of 1986 is amended by striking “or” at the end of subclause (I), by striking the period at the end of subclause (II) and inserting “, or”, and by adding at the end the following:

“(III) to an ABLE account (as defined in section 529A(e)(6)) of the designated beneficiary or a member of the family of the designated beneficiary.

Subclause (III) shall not apply to so much of a distribution which, when added to all other contributions made to the ABLE account for the taxable year, exceeds the limitation under section 529A(b)(2)(B).”.

(b) Effective date.—The amendments made by this section shall apply to distributions after the date of the enactment of this Act.