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SB1993 - 104th General Assembly
INC TX-ABLE ACCOUNTS
Last Action
Statutes Amended In Order of Appearance
35 ILCS 5/246 new
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit for contributions to an ABLE account. Provides that the credit shall be in an amount equal to 25% of that matching contribution, but not to exceed $500 per contributing employee per taxable year. Effective immediately.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/06/2025 | Senate | Filed with Secretary by Sen. Cristina Castro |
| 2/06/2025 | Senate | First Reading |
| 2/06/2025 | Senate | Referred to Assignments |
| 2/25/2025 | Senate | Assigned to Revenue |
| 3/21/2025 | Senate | Rule 2-10 Committee Deadline Established As April 11, 2025 |
| 4/11/2025 | Senate | Rule 2-10 Committee Deadline Established As May 9, 2025 |
| 5/09/2025 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025 |
| 5/23/2025 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025 |
| 6/02/2025 | Senate | Rule 3-9(a) / Re-referred to Assignments |