IL SB1993

Creates a new Illinois income tax credit for employers who make matching contributions to employees' ABLE accounts (Achieving a Better Life Experience 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

Excess credits cannot be carried back but may be carried forward for up to 5 taxable years following the year the excess credit was generated

Partners and shareholders of S corporations may claim the credit proportionally through their business entities