Bill Title: ABLE account tax credit. 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) $1,000; 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. Provides that a rollover of assets or transfer of assets to an Indiana ABLE 529A account is a qualified withdrawal from a college choice 529 education savings plan.

Sponsorship: Slight Partisan Bill (Republican 5-2)

Status: (Introduced - Dead) 2019-02-04 - Senators Bassler, Ford Jon, Melton added as coauthors [SB0559 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2019-01-14	PDF	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Indiana SB0559

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Indiana SB0559 currently on file.