SB 25-302

Senate Bill 25-302, also known as the Achieving a Better Life Experience (ABLE) Tax Deduction extension, aims to help individuals with disabilities and their families by allowing them to set aside money in special accounts for disability-related expenses. This bill extends the ABLE tax deduction until December 31, 2030, meaning that people can continue to benefit from this financial support during this period. Since the bill has been signed into law, it is now active and individuals with disabilities and their families are eligible to use the ABLE accounts for tax deductions up to the specified end date.

Official Summary

The act extends the achieving a better life experience state income tax deduction (ABLE deduction) until December 31, 2030. The act specifies that the purposes of the ABLE deduction are to provide support to individuals with disabilities and their families and to provide an incentive for individuals with disabilities and their families to set aside money in an account to cover future disability-related expenses. (Note: This summary applies to this bill as enacted.)

Votes