· IL legislature · 104th

INC TX-ABLE ACCOUNTS

Amends the Illinois Income Tax Act. Creates an income tax credit for contributions to an ABLE account. Provides that the credit shall be in an amount equal to 25% of that matching contribution, but not to exceed $500 per contributing employee per taxable year. Effective immediately.

Sponsor

Marcus Evans (D-IL)

Introduced

2025-02-06

Policy area

Taxation

Latest action

Rule 19(a) / Re-referred to Rules Committee