WASHINGTON, D.C. (December 4, 2017) – Today, Eastern Washington Congresswoman Cathy McMorris Rodgers (WA-05) released the following statement on the House’s motion to go to conference on the Tax Cuts and Jobs Act (H.R. 1), legislation the House and Senate have passed to reform our broken tax code.
“We are on track to send a pro-growth and pro-family overhaul of our nation’s tax code to the President’s desk by Christmas. The work to reconcile the differences between the House and Senate versions will begin soon. Just like at every other key stage in this process, we will continue to put Americans first with meaningful reforms that empower families, including those who have children with disabilities, to save and plan for their future.”
NOTE: Rep. McMorris Rodgers is working to ensure the Tax Cuts & Jobs Act is written with families who have children with disabilities in mind. Key provisions of McMorris Rodgers’s “ABLE 2.0” legislative package are included in both the House and Senate versions of the Tax Cuts & Jobs Act, including the ABLE to Work Act and ABLE Financial Planning Act.
ABLE to Work Act: This legislation would allow an ABLE beneficiary who earns income for a job to save up to the Federal Poverty Level, which is currently at $11,770, in addition to their annual contribution limit of $14,000. This is targeted to assist only those disabled individuals who cannot contribute to an employer retirement saving plan.
ABLE Financial Planning Act: 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.
The Congresswoman has also made clear the areas where she’d like to see changes to the House-passed version of the Tax Cuts & Jobs Act during the conference committee process. Specifically, she has previously stated she agrees with the Senate’s approach to the tax exempt status of graduate student tuition waivers as well as Private Activity Bonds used to finance low-income housing. She is hopeful that both of these issues can be resolved during this process and reflected in the final bill.
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