Allows income tax deduction for contributions to a qualified ABLE program account.
This bill provides an income tax deduction for contributions to a qualified Achieving a Better Life Experience (ABLE) program account. It aligns the tax deductibility of these contributions with those made to a qualified tuition program under Section 529 of the Internal Revenue Code. The deduction is limited to $1,000 per eligible individual for tax years beginning on or after January 1, 2025.
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