CA AB2039

Allow a deduction for contributions to CalABLE accounts in computing adjusted gross income for taxable years beginning January 1, 2018 through December 31, 2022.

Deduction amount equals the total contributed by a taxpayer to a CalABLE account during the taxable year.

CalABLE accounts are established under Chapter 15 of Division 4.5 of the Welfare and Institutions Code to assist individuals with disabilities in saving private funds for qualified disability expenses.

Section 17208 authorizing the deduction automatically repeals on December 1, 2023.

Bill takes effect immediately as a tax levy.