IN HB1303 | 2022 | Regular Session

Status

Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on January 11 2022 - 25% progression
Action: 2022-01-24 - Committee report: amend do pass, adopted
Text: Latest bill text (Amended) [PDF]

Summary

Tax credit for ABLE account contributions. Creates a stand-alone credit for contributions to Indiana ABLE accounts. Provides that a taxpayer is entitled to a credit against adjusted gross income tax equal to the least of: (1) 20% of the amount of the total contributions made by the taxpayer to an account or accounts of an Indiana ABLE 529A savings plan during the taxable year; (2) $500; or (3) the amount of the taxpayer's adjusted gross income tax for the taxable year, reduced by the sum of all allowable credits. Provides that a taxpayer is not entitled to a carryback, carryover, or refund of an unused credit. Provides that a taxpayer may not sell, assign, convey, or otherwise transfer the tax credit. Provides that an account owner of an Indiana ABLE 529A savings plan must repay all or a part of the credit in a taxable year in which any nonqualified withdrawal is made.

Tracking Information

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Title

Tax credit for ABLE account contributions.

Sponsors


Roll Calls

2022-01-20 - House - House - Committee Vote (Y: 20 N: 0 NV: 0 Abs: 4) [PASS]

History

DateChamberAction
2022-01-24HouseCommittee report: amend do pass, adopted
2022-01-20HouseRepresentative Clere added as coauthor
2022-01-11HouseFirst reading: referred to Committee on Ways and Means
2022-01-11HouseCoauthored by Representatives Karickhoff and Davisson J.
2022-01-11HouseAuthored by Representative Olthoff

Indiana State Sources


Bill Comments

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