HB 6753 Summary

• The State Treasurer shall designate a director of outreach for the ABLE program to coordinate outreach and marketing efforts, effective October 1, 2023.

• Individuals may deduct up to $5,000 per person ($10,000 for joint filers) in contributions to ABLE accounts from Connecticut state income taxes, effective January 1, 2024.

• Employers receive a tax credit equal to contributions made to employees' ABLE accounts, capped at $10,000 per employee annually, effective January 1, 2024.

• Medicaid estate recovery claims shall exclude funds invested in ABLE accounts to the extent permissible under federal law, effective October 1, 2023.

• Multiple income tax deductions and adjustments are modified including Social Security benefits, pension income, retirement account distributions, and Earned Income Tax Credit enhancements, effective January 1, 2024.