WASHINGTON, D.C. (November 9, 2017) – Eastern Washington Congresswoman Cathy McMorris Rodgers (WA-05) today released the following statement after her ABLE Financial Planning Act was included in the Tax Cuts and Jobs Act that passed the House Ways and Means Committee this afternoon.
“This is must-pass legislation to provide tax relief to families and I’m so pleased to see my legislation, the ABLE Financial Planning Act, included in the bill that passed today out of Ways and Means,” said McMorris Rodgers. “This means that people who have been saving for their child’s college tuition can rollover that money into a savings account specifically created for individuals with disabilities. We need to be empowering those with disabilities and their families to save and invest in their futures, and that’s exactly what this bill will help do.”
NOTE: In April, the Congresswoman introduced a bipartisan package of legislation known as ABLE 2.0. This package included three bills, one of which was the ABLE Financial Planning Act (H.R. 1897). This legislation allows for rollovers from a 529 to a 529A account, but still maintains the annual contribution limit of $14,000. This would allow individuals who may have been saving for their child’s college tuition, which is now no longer needed, to rollover up to the maximum contribution each year until the 529 account has been depleted.
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