Loading chat...

DE HB296

Bill

Official Source

Status

Introduced

1/16/2018

Primary Sponsor

Charles Paradee

Click for details

Origin

House of Representatives

149th General Assembly

AI Summary

  • Creates a state tax deduction for contributions to qualified ABLE savings accounts (529A plans) sponsored by Delaware or state consortiums including Delaware.

  • Allows individuals to deduct up to $2,500 per year and married couples to deduct up to $5,000 per year combined for ABLE account contributions.

  • Limits the deduction to taxpayers with federal adjusted gross income not exceeding $125,000 for individuals or $250,000 for married couples.

  • Applies to tax years beginning in 2018 and forward.

Legislative Description

An Act To Amend Title 30 Of The Delaware Code Relating To Able Savings Accounts.

Last Action

Introduced and Assigned to Revenue & Finance Committee in House

1/16/2018

Committee Referrals

Revenue & Finance1/16/2018

Full Bill Text

No bill text available