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529 and ABLE Account Improvement Act of 2016
Legislative Progress
Momentum (last 30 days)
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0 actions · 0 new cosponsors · 0 votes
Speed vs cohort
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0d open
vs 6,526 other HR bills in the 114th — cohort avg 56d
529 and ABLE Account Improvement Act of 2016 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 2016) 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 transfers to an Individual Retirement Account (IRA), 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.
These links require the bill number to appear in the filing's source-reported specific issue text. Client expenses and lobbying-firm income are separate disclosure fields.
Filing registrants (2)
2016 · fourth_quarter · Taxation/Internal Revenue Code
IRC sec. 529; ABLE Act; and tax exempt financing issues. Issues related to taxation of municipal bonds; Tax Reform proposals; H.R. 5193, H.R. 5191, S. 2869, S. 3091; Puerto Rico legislation, H.R. 5278, S. 2328, S. 2702, S. 2703, S. 2704, H.R. 4794, H.R. 4795, H.R. 4813.
Client expense: Not reported · Firm income: $50,000
Referred to the House Committee on Ways and Means.
Introduced in House
Congress.gov source codes: 1000, Intro-H
Bills with similar content found using semantic analysis.
Sources: Congress.gov
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · fourth_quarter · Taxation/Internal Revenue Code
Proposals related to the tax treatment of education savings, including H.R. 529 and S. 335. Proposals to reform 529 college savings plan rules, including additional flexibility to make investment changes, changes in the student loan payment rules, and extension of the savers credit to encompass 529 contributions. Proposals to delete the penalty for using 529 funds for student loan repayments. H.R. 5193, 529 and ABLE Account Improvement Act; H.R. 5191, HELP for Students and Parents Act; S. 2869, The Boost Saving for College Act; H.R. 5186, Help All Americans Save for College Act; H.R. 4795/S. 2702, ABLE to Work Act; H.R. 4813/S. 2704, ABLE Age Adjustment Act; H.R. 4794/S. 2703, ABLE Financial Planning Act.
Client expense: Not reported · Firm income: $20,000
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · third_quarter · Taxation/Internal Revenue Code
IRC sec. 529; ABLE Act; and tax exempt financing issues. Issues related to taxation of municipal bonds; Tax Reform proposals; H.R. 5193, H.R. 5191, S. 2869, S. 3091; Puerto Rico legislation, H.R. 5278, S. 2328, S. 2702, S. 2703, S. 2704, H.R. 4794, H.R. 4795, H.R. 4813.
Client expense: Not reported · Firm income: $50,000
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · third_quarter · Taxation/Internal Revenue Code
Proposals related to the tax treatment of education savings, including H.R. 529 and S. 335. Proposals to reform 529 college savings plan rules, including additional flexibility to make investment changes, changes in the student loan payment rules, and extension of the savers credit to encompass 529 contributions. Proposals to delete the penalty for using 529 funds for student loan repayments. H.R. 5193, 529 and ABLE Account Improvement Act; H.R. 5191, HELP for Students and Parents Act; S. 2869, The Boost Saving for College Act; H.R. 5186, Help All Americans Save for College Act; H.R. 4795/S. 2702, ABLE to Work Act; H.R. 4813/S. 2704, ABLE Age Adjustment Act; H.R. 4794/S. 2703, ABLE Financial Planning Act.
Client expense: Not reported · Firm income: $20,000
Government targets: SENATE
2016 · second_quarter · Taxation/Internal Revenue Code
IRC sec. 529; ABLE Act; and tax exempt financing issues. Issues related to taxation of municipal bonds; Tax Reform proposals; H.R. 5193, H.R. 5191, S. 2869, S. 3091; Puerto Rico legislation, H.R. 5278, S. 2328.
Client expense: Not reported · Firm income: $50,000
Government targets: HOUSE OF REPRESENTATIVES, SENATE
2016 · second_quarter · Taxation/Internal Revenue Code
Proposals related to the tax treatment of education savings, including H.R. 529 and S. 335. Proposals to reform 529 college savings plan rules, including additional flexibility to make investment changes, changes in the student loan payment rules, and extension of the savers credit to encompass 529 contributions. Proposals to delete the penalty for using 529 funds for student loan repayments. H.R. 5193, 529 and ABLE Account Improvement Act; H.R. 5191, HELP for Students and Parents Act; S. 2869, The Boost Saving for College Act; H.R. 5186, Help All Americans Save for College Act; H.R. 4795/S. 2702, ABLE to Work Act; H.R. 4813/S. 2704, ABLE Age Adjustment Act; H.R. 4794/S. 2703, ABLE Financial Planning Act.
Client expense: Not reported · Firm income: $30,000
Government targets: HOUSE OF REPRESENTATIVES, SENATE