[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 816 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 816

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


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                   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

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                                 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.
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