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LA SB12
Bill
Status
3/17/2025
Primary Sponsor
Franklin Foil
Click for details
AI Summary
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Excludes deposits into ABLE (Achieving a Better Life Experience) accounts from Louisiana state income tax, up to $2,400 per beneficiary for single filers and $4,800 for joint filers annually, beginning January 1, 2026
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Unused annual deposit limits roll over to subsequent years and remain exempt from state taxable income in addition to that year's maximum allowable exemption
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Withdrawals from ABLE accounts used for purposes other than qualified disability expenses must be included in taxable income
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Prohibits "stacking" of tax benefits by preventing account owners from claiming both the ABLE exemption and existing tax deductions for elementary/secondary school tuition or educational expenses in the same tax year
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Effective August 1, 2025, applicable to tax periods beginning on or after January 1, 2026
Legislative Description
Excludes certain amounts deposited into ABLE accounts for qualified expenses of persons with disabilities from state income tax. (8/1/25) (OR DECREASE GF RV See Note)
TAX/INCOME/PERSONAL
Last Action
Withdrawn from the files of the Senate prior to introduction.
4/14/2025