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IN SB0184
Bill
Status
1/6/2016
Primary Sponsor
Erin Houchin
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AI Summary
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Establishes the Indiana ABLE program allowing individuals to contribute to tax-advantaged accounts for eligible individuals with disabilities to pay qualified disability expenses in compliance with Section 529A of the Internal Revenue Code.
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Creates a 7-member Indiana ABLE program board consisting of 4 ex officio members (treasurer of state, secretary of family and social services, commissioner of Indiana office of administration, and secretary of Indiana economic development corporation) and 3 governor-appointed members with finance/investment expertise.
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Allows taxpayers to deduct up to $8,000 annually (single filers) or $16,000 (joint filers) in ABLE account contributions from Indiana adjusted gross income, with distributions used for qualified disability expenses exempt from state income tax.
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Establishes three funds (general operating fund, endowment fund, and trust fund) and makes the board's management, operations, property, and assets exempt from state and local taxation.
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Exempts debtor interests in ABLE accounts from judgment execution, with limited exceptions for excess contributions and contributions made within one year before levy or bankruptcy filing.
Legislative Description
Achieving a better life experience (ABLE) program. Establishes the Indiana achieving a better life experience (ABLE) program. Creates the Indiana achieving a better life experience board (board). Requires the board to establish a qualified ABLE program under which an individual may make contributions for a taxable year for the benefit of an eligible individual to an ABLE account to meet the qualified disability expenses of the designated beneficiary in compliance with Section 529A of the Internal Revenue Code. Sets forth duties and powers of the board. Establishes a general operating fund, endowment fund, and trust fund. Requires a taxpayer to
Last Action
First reading: referred to Committee on Appropriations
1/6/2016