Sec. 5. Modifications to contribution limitations
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/bill/119/s/4498/is/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 529(c)(3)(C)(i) of such Code is amended by striking the matter following subclause (III). Section 529A(b) of such Code is amended by adding at the end the following new paragraph: In the case of a contribution to a qualified ABLE program from a third-party trust, a contribution of amounts received by the designated beneficiary as proceeds of a life insurance contract, or an amount distributed from a qualified tuition program (as defined in section 529(b)(1)) that is not includible in gross income of the distributee under section 529(c)(3)(C)(i)(III), subsection (b)(2)(B) shall not apply. Subparagraph
(A)shall not apply with respect to any contribution if such subparagraph has applied to any other contribution in any taxable year to a qualified ABLE program of the qualified beneficiary. . Section 529A(b)(2)(B) of such Code is amended by inserting paragraph
(8)or after Except in the case of contributions under in the matter preceding clause (i). Section 529A(b)(6) is amended by inserting and any contributions described in paragraph (8)(A) after State agency or instrumentality thereof .