SB2017 Summary

• Amends the Illinois Income Tax Act to allow an addition modification (deduction) for contributions made by taxpayers to ABLE accounts beginning January 1, 2017, with a maximum deduction of $10,000 per taxpayer per taxable year.

• Modifies Section 203(a)(2) of the Act by adding subparagraph (HH) to define the ABLE account deduction as amounts contributed to accounts established under Section 16.6 of the State Treasurer Act.

• Makes the ABLE contribution deduction exempt from the provisions of Section 250, which prevents certain modifications from being applied retroactively.

• Takes effect upon becoming law, allowing individuals with ABLE accounts to receive this tax benefit for current and future tax years.