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139 STAT. 182 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(1) IN GENERAL.—Except as otherwise provided in this subsection, no distribution shall be allowed before the first day of the calendar year in which the account beneficiary attains age 18. ‘‘(2) TAX TREATMENT OF ALLOWABLE DISTRIBUTIONS.—For purposes of applying section 72 to any amount distributed from a Trump account, the investment in the contract shall not include— ‘‘(A) any qualified general contribution, ‘‘(B) any contribution provided under section 6434, and ‘‘(C) the amount of any contribution which is excluded from gross income under section 128. ‘‘(3) QUALIFIED ROLLOVER CONTRIBUTIONS.—Paragraph (1) shall not apply to any distribution which is a qualified rollover contribution and the amount of such distribution shall not be included in the gross income of the beneficiary. ‘‘(4) QUALIFIED ABLE ROLLOVER CONTRIBUTIONS.— ‘‘(A) IN GENERAL.—Paragraph (1) shall not apply to any distribution which is a qualified ABLE rollover con- tribution and the amount of such distribution shall not be included in the gross income of the beneficiary. ‘‘(B) QUALIFIED ABLE ROLLOVER CONTRIBUTION.—For purposes of this section, the term ‘qualified ABLE rollover contribution’ means an amount which is paid during the calendar year in which the account beneficiary attains age 17 in a direct trustee-to-trustee transfer from a Trump account maintained for the benefit of the account bene- ficiary to an ABLE account (as defined in section 529A(e)(6)) for the benefit of the such account beneficiary, but only if the amount of such payment is equal to the entire balance of the Trump account from which the pay- ment is made. ‘‘(5) DISTRIBUTIONS OF EXCESS CONTRIBUTIONS.—In the case of any contribution which is made before the calendar year in which the account beneficiary attains age 18 and which is in excess of the limitation in effect under subsection (c)(2)(A) for the calendar year— ‘‘(A) paragraph (1) shall not apply to the distribution of such excess, ‘‘(B) the amount of such distribution shall not be included in gross income of the account beneficiary, and ‘‘(C) the tax imposed by this chapter on the distributee for the taxable year in which the distribution is made shall be increased by 100 percent of the amount of net income attributable to such excess (determined without regard to subparagraph (B)). ‘‘(6) TREATMENT OF DEATH OF ACCOUNT BENEFICIARY.—If, by reason of the death of the account beneficiary before the first day of the calendar year in which the account beneficiary attains age 18, any person acquires the account beneficiary’s interest in the Trump account— ‘‘(A) paragraph (1) shall not apply, ‘‘(B) such account shall cease to be a Trump account as of the date of death, and ‘‘(C) an amount equal to the fair market value of the assets (reduced by the investment in the contract) in such account on such date shall—