TREATMENT OF ABLE ACCOUNTS IN BANKRUPTCY.

SEC. 104. TREATMENT OF ABLE ACCOUNTS IN BANKRUPTCY.(a) Exclusion From Property of the Estate.—Section 541(b) of the title 11, United States Code, is amended—(1) in paragraph (8), by striking “or” at the end;(2) in paragraph (9), by striking the period at the end and inserting a semicolon and “or”; and(3) by inserting after paragraph (9) the following:“(10) funds placed in an account of a qualified ABLE program (as defined in section 529A(b) of the Internal Revenue Code of 1986) not later than 365 days before the date of the filing of the petition in a case under this title, but—128 STAT. 4064 “(A) only if the designated beneficiary of such account was a child, stepchild, grandchild, or stepgrandchild of the debtor for the taxable year for which funds were placed in such account;“(B) only to the extent that such funds—“(i) are not pledged or promised to any entity in connection with any extension of credit; and“(ii) are not excess contributions (as described in section 4973(h) of the Internal Revenue Code of 1986); and“(C) in the case of funds placed in all such accounts having the same designated beneficiary not earlier than 720 days nor later than 365 days before such date, only so much of such funds as does not exceed $6,225.”.(b) Debtor’s Monthly Expenses.—Section 707(b)(2)(A)(ii)(II) of title 11, United States Code, is amended by adding at the end “Such monthly expenses may include, if applicable, contributions to an account of a qualified ABLE program to the extent such contributions are not excess contributions (as described in section 4973(h) of the Internal Revenue Code of 1986) and if the designated beneficiary of such account is a child, stepchild, grandchild, or stepgrandchild of the debtor.”.(c) Record of Debtor’s Interest.—Section 521(c) of title 11, United States Code, is amended by inserting “, an interest in an account in a qualified ABLE program (as defined in section 529A(b) of such Code,” after “Internal Revenue Code of 1986)”.(d) Effective Date.—The amendments made by this section shall apply with respect to cases commenced under title 11, United States Code, on or after the date of the enactment of this Act.