IL HB4921

Creates ABLE (Achieving a Better Life Experience) account program administered by the State Treasurer allowing individuals with disabilities to save money for qualified disability expenses under federal tax law (Section 529A of Internal Revenue Code).

Establishes that contributions to ABLE accounts during the taxable year may be deducted from adjusted gross income for Illinois income tax purposes, with a maximum deduction of $10,000 per year for taxable years beginning on or after January 1, 2019.

Defines "donor" as any person who makes a contribution to an ABLE account and exempts ABLE account deductions from Section 250 limitations on Illinois tax provisions.

Requires the State Treasurer to promote awareness of ABLE accounts, establish fees to recover administrative costs, and create an Illinois ABLE Accounts Administrative Fund as a non-appropriated trust fund.

Takes effect immediately upon becoming law.