IL HB3264

Creates a new Illinois income tax credit for employers who make matching contributions to employees' ABLE (Achieving a Better Life Experience) accounts, which are tax-advantaged savings accounts for individuals with disabilities

Credit equals 25% of the employer's matching contribution, capped at $500 per contributing employee per taxable year

Applies to taxable years ending on or after December 31, 2025 and before January 1, 2031 (approximately 5-year program)

Unused credits cannot be carried back or reduce tax liability below zero, but excess credits may be carried forward for up to 5 taxable years

Partners and shareholders of S corporations may claim their proportionate share of the credit