ABLE Financial Planning Act
Latest action · Mar 17, 2016 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 17, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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 and from qualified ABLE programs to qualified tuition 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.)
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Mar 17, 2016 to Dec 7, 2016; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WA | Cathy McMorris Rodgers | Original | Mar 17, 2016 |
| D-MD | Chris Van Hollen | Original | Mar 17, 2016 |
| R-TX | Pete Sessions | Original | Mar 17, 2016 |
| R-OH | David P. Joyce | Apr 15, 2016 | |
| R-OH | Michael R. Turner | Apr 15, 2016 | |
| R-IL | Rodney Davis | Apr 15, 2016 | |
| R-NJ | Christopher H. Smith | Apr 19, 2016 | |
| R-PA | Ryan A. Costello | Apr 19, 2016 | |
| R-NJ | Scott Garrett | May 12, 2016 | |
| D-CA | Julia Brownley | May 26, 2016 | |
| D-MA | Seth Moulton | Jul 8, 2016 | |
| R-OH | James B. Renacci | Nov 15, 2016 | |
| D-CT | John B. Larson | Nov 15, 2016 | |
| R-OH | Patrick J. Tiberi | Nov 15, 2016 | |
| R-PA | Patrick Meehan | Nov 15, 2016 | |
| D-NH | Ann M. Kuster | Dec 7, 2016 | |
| D-NJ | Bill Pascrell, Jr. | Dec 7, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Mar 17, 2016 |
Actions 2
Everything that happened, newest first.
- Mar 17, 2016Introduced in House
- Mar 17, 2016Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 43, March 17, 2016, page H1463.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2703 | ABLE Financial Planning Act | Identical bill | Mar 17, 2016 |
| HR 5193 | 529 and ABLE Account Improvement Act of 2016 | Related bill | May 11, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to allow rollovers between 529 programs and ABLE accounts.
- Short Titles as Introduced
- ABLE Financial Planning Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 17, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
