New Jersey Disability Savings Act allows tax deductions for contributions to ABLE accounts and offers matching funds for low-income taxpayers.

The New Jersey Disability Savings Act expands the New Jersey Achieving a Better Life Experience (ABLE) Program to incentivize qualified individuals with disabilities and their families to save for disability-related expenses in tax-advantaged savings accounts, known as ABLE accounts. The bill allows a deduction from gross income for contributions to a New Jersey ABLE account or qualifying state ABLE account. It also provides up to $750 in dollar-for-dollar matching funds for taxpayers with a gross annual income of $150,000 or less who deposit funds into a newly opened ABLE account.

New Jersey Disability Savings Act allows tax deductions for contributions to ABLE accounts and offers matching funds for low-income taxpayers.

The New Jersey Disability Savings Act expands the New Jersey Achieving a Better Life Experience (ABLE) Program to incentivize qualified individuals with disabilities and their families to save for disability-related expenses in tax-advantaged savings accounts, known as ABLE accounts. The bill allows a deduction from gross income for contributions to a New Jersey ABLE account or qualifying state ABLE account. It also provides up to $750 in dollar-for-dollar matching funds for taxpayers with a gross annual income of $150,000 or less who deposit funds into a newly opened ABLE account.