Saturday, January 20, 2018

Delaware HB 296 - helping people increase savings in ABLE accounts

321foundation is proud to be a part of the efforts to pass Delaware HB 296 which will promote contributions to 529a ABLE savings accounts by offing a tax deduction. This will promote savings and financial independence for Delaware ABLE account holders. Funds from the accounts can be used  for many quality of life expenses not covered by Medicaid. 

Bill summary:
This bill creates a tax deduction of up to $2,500 for an individual or $5,000 for a married couple for contributions to a qualified 529A savings account, or "ABLE" plan - a special account for meeting the needs of certain individuals with disabilities. The deduction may only be claimed by a taxpayer who makes less than $125,000 or a married couple who makes less than $250,000. It is applicable only to ABLE plans sponsored by the State of Delaware or offered by a consortium of states of which Delaware is a member.

The bill was introduced on 1/16/18 and will be reviewed in committee by the end of the month. 

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