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131 STAT. 2075 PUBLIC LAW 115–97—DEC. 22, 2017 ‘‘(II) LIMITATION REDUCTION.—For each tax- able year described in clause (i), and each taxable year to which any contribution under this subpara- graph is carried over under clause (ii), subpara- graph (A) shall be applied by reducing (but not below zero) the contribution limitation allowed for the taxable year under such subparagraph by the aggregate contributions allowed under this subparagraph for such taxable year, and subpara- graph (B) shall be applied by treating any ref- erence to subparagraph (A) as a reference to both subparagraph (A) and this subparagraph.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to contributions in taxable years beginning after December 31, 2017. SEC. 11024. INCREASED CONTRIBUTIONS TO ABLE ACCOUNTS. (a) INCREASE IN LIMITATION FOR CONTRIBUTIONS FROM COM- PENSATION OF INDIVIDUALS WITH DISABILITIES.— (1) IN GENERAL.—Section 529A(b)(2)(B) is amended to read as follows: ‘‘(B) except in the case of contributions under sub- section (c)(1)(C), if such contribution to an ABLE account would result in aggregate contributions from all contribu- tors to the ABLE account for the taxable year exceeding the sum of— ‘‘(i) the amount in effect under section 2503(b) for the calendar year in which the taxable year begins, plus ‘‘(ii) in the case of any contribution by a designated beneficiary described in paragraph (7) before January 1, 2026, the lesser of— ‘‘(I) compensation (as defined by section 219(f)(1)) includible in the designated beneficiary’s gross income for the taxable year, or ‘‘(II) an amount equal to the poverty line for a one-person household, as determined for the cal- endar year preceding the calendar year in which the taxable year begins.’’. (2) RESPONSIBILITY FOR CONTRIBUTION LIMITATION.—Para- graph (2) of section 529A(b) is amended by adding at the end the following: ‘‘A designated beneficiary (or a person acting on behalf of such beneficiary) shall maintain adequate records for purposes of ensuring, and shall be responsible for ensuring, that the requirements of subparagraph (B)(ii) are met.’’ (3) ELIGIBLE DESIGNATED BENEFICIARY.—Section 529A(b) is amended by adding at the end the following: ‘‘(7) SPECIAL RULES RELATED TO CONTRIBUTION LIMIT.—For purposes of paragraph (2)(B)(ii)— ‘‘(A) DESIGNATED BENEFICIARY.—A designated bene- ficiary described in this paragraph is an employee (including an employee within the meaning of section 401(c)) with respect to whom— ‘‘(i) no contribution is made for the taxable year to a defined contribution plan (within the meaning of section 414(i)) with respect to which the require- ments of section 401(a) or 403(a) are met, 26 USC 529A. 26 USC 170 note. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00023 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS