Comments: IL HB3163 | 2017-2018 | 100th General Assembly

Bill Title: Amends the State Treasurer Act. Provides that contributions to an ABLE account during the taxable year may be deducted from adjusted gross income as provided under a specified Section of the Illinois Income Tax Act. Amends the Illinois Income Tax Act. In a Section concerning base income, provides that the adjusted gross income shall be modified by adding a maximum amount of, for taxable years beginning on or after January 1, 2018, $10,000 contributed in the taxable year to an ABLE account under a specified Section of the State Treasurer Act. Provides for an exemption from a Section concerning the sunset of exemptions, credits, and deductions under the Act. Effective immediately.

Spectrum: Partisan Bill (Democrat 31-0)

Status: (Engrossed) 2017-08-14 - Added as Alternate Co-Sponsor Sen. Laura M. Murphy [HB3163 Detail]

Text: Latest bill text (Engrossed) [HTML]

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