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Senate Bill 184

Introduced Senate Bill (S)

DIGEST

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 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 add back the amount of any deductible contributions to or earnings realized by an ABLE account that were distributed to the taxpayer as a designated beneficiary of the ABLE account in the taxable year and not used to pay qualified disability expenses or held for the minimum length of time established by the board. Provides that a distribution from an ABLE account used to pay qualified disability expenses incurred by the designated beneficiary of the ABLE account is exempt from the adjusted gross income tax. Provides that the amount of a contribution to an ABLE account is deductible for Indiana income tax purposes up to $8,000, in the case of an individual filing a single return, or $16,000, in the case of a married couple filing a joint return. Provides that a debtor's interest in an ABLE account is exempt from the execution of a judgment against the debtor. ... View more