CO SB302

Extends the Colorado state income tax deduction for ABLE (Achieving a Better Life Experience) savings account contributions from January 1, 2026 to January 1, 2031

Extends the repeal date for related ABLE program tax provisions from January 1, 2030 to January 1, 2035

ABLE accounts allow individuals with disabilities to save up to $20,000 (single filers) or $30,000 (joint filers) per beneficiary annually for qualified disability expenses without affecting eligibility for Medicaid or Supplemental Security Income

Qualified disability expenses include education, housing, transportation, health care, assistive technology, and employment-related costs

Takes effect 90 days after final adjournment of the general assembly, unless a referendum petition is filed