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AZ HB2918
Bill
Status
6/7/2021
Primary Sponsor
Russell Bowers
Click for details
AI Summary
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Amends Arizona Revised Statutes section 43-1022 to add a new subtraction (paragraph 28) for contributions to Achieving a Better Life Experience (ABLE) accounts established under IRC section 529A.
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Allows a subtraction of up to $2,000 per beneficiary for single individuals or heads of household, and up to $4,000 per beneficiary for married couples filing jointly for ABLE account contributions not deducted in federal adjusted gross income.
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Permits married couples filing separately to divide the $4,000 per beneficiary subtraction between them as they choose.
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Applies retroactively to taxable years beginning on and after December 31, 2020.
Legislative Description
Taxes; 529 contributions; ABLE contributions
Taxes
Last Action
House miscellaneous motion: Rep. Toma moved that rules be suspended and House Bill 2918 be immediately placed under the order of business Third Reading of bills for the purpose of substitution of bills on Third Reading
6/25/2021