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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

529 and ABLE Account Improvement Act of 2017

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to make improvements in the rules related to qualified tuition programs and qualified ABLE programs.


Actions Overview (1)

Date
01/13/2017 Introduced in House

All Actions (2)

Date
01/13/2017 Referred to the House Committee on Ways and Means.
Action By: House of Representatives
01/13/2017 Introduced in House
Action By: House of Representatives

Cosponsors (6)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Kind, Ron [D-WI-3]* 01/13/2017
Rep. Wittman, Robert J. [R-VA-1] 02/02/2017
Rep. Lofgren, Zoe [D-CA-19] 05/18/2017
Rep. DeFazio, Peter A. [D-OR-4] 06/07/2017
Rep. Cole, Tom [R-OK-4] 07/24/2017
Rep. Fitzpatrick, Brian K. [R-PA-8] 08/15/2017

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means01/13/2017 Referred to

Related Bills (0)

As of 08/20/2017 no related bill information has been received for H.R.529 - 529 and ABLE Account Improvement Act of 2017.

Subjects (11)

  • Bank accounts, deposits, capital
  • Disability and paralysis
  • Employee benefits and pensions
  • Financial services and investments
  • Higher education
  • Income tax credits
  • Income tax exclusion
  • Income tax rates
  • Inflation and prices
  • Student aid and college costs

Latest Summary (1)

There is one summary for H.R.529. View summaries

Shown Here:
Introduced in House (01/13/2017)

529 and ABLE Account Improvement Act of 2017

This bill amends the Internal Revenue Code to modify the tax treatment of qualified tuition programs (known as 529 plans) and ABLE accounts. (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.)

The bill excludes from gross income a fringe benefit consisting of up to $100 per year (adjusted for inflation after 2017) of employer contributions to an employee's 529 or ABLE account. The employer contribution must be made: (1) to an account for which the designated beneficiary is the employee or a member of the employee's family, and (2) in connection with a payroll deduction contribution program established by the employer.

The bill also: (1) expands the tax credit for small employer pension plan startup costs to include the costs of establishing a payroll deduction contribution program for 529 plans and ABLE accounts, (2) permits 529 funds to be used for education loan payments or charitable contributions without being subject to the additional tax for distributions that are not used for qualified higher education expenses, and (3) permits tax-free rollovers of funds between 529 and ABLE accounts for the benefit of the same beneficiary or a family member of the beneficiary.

For the purpose of current law restrictions on the frequency of investment directions that a beneficiary or contributor may provide for a 529 or ABLE account, rebalancing investments among broad-based investment strategies established under the program is not an investment direction unless the beneficiary or contributor directs the specific investments within the strategies.