adding at the end the following new subclause: (III) to an ABLE account (as defined in section 529A(e)(6)) of the designated beneficiary or a member of the family of the designated beneficiary. Subclause (III) shall not apply to so much of a distribution which, when added to all other contributions made to the ABLE account for the taxable year, exceeds the limitation under section 529A(b)(2)(B). . (b) Effective date The amendments made by this section shall apply to distributions after December 31, 2017. D Simplification and reform of deductions 1301. Repeal of overall limitation on itemized deductions (a) In general Part 1 of subchapter B of chapter 1 is amended by striking section 68 (and the item relating to such section in the table of sections for such part). (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2017. 1302. Mortgage interest (a) Modification of limitations (1) In general Section 163(h)(3) is amended to read as follows: (3) Qualified residence interest For purposes of this subsection— (A) In general The term qualified residence interest means any interest which is paid or accrued during the taxable year on indebtedness which— (i) is incurred in acquiring, constructing, or substantially improving any qualified residence (determined as of the time the interest is accrued) of the taxpayer, and (ii) is secured by such residence. Such term also includes interest on any indebtedness secured by such residence resulting from the refinancing of indebtedness meeting the requirements of the preceding sentence (or this sentence)