HB 4906 Summary

• Adds new deduction for unemployment benefits received in tax years beginning after December 31, 2017, allowing taxpayers to deduct unemployment benefits to the extent included in adjusted gross income.

• Defines "unemployment benefits" as benefits received under a state or federal unemployment benefit program.

• Clarifies terminology in existing provisions related to ABLE savings accounts and education savings accounts, changing "both" to "all" to properly reference multiple deduction categories.

• Makes technical corrections to section 30 language, including fixing references from "subsection" to "subdivision" and updating spousal terminology from "husband and wife" to "spouses."