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.

Spectrum: Slight Partisan Bill (Republican 5-2)

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

Text: Latest bill text (Introduced) [PDF]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Erin Houchin [R]	Primary	Sponsored Bills	SD-047	FollowTheMoney	Ballotpedia	VoteSmart
Senator Ed Charbonneau [R]	Primary	Sponsored Bills	SD-005	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jean Breaux [D]	Cosponsor	Sponsored Bills	SD-034	FollowTheMoney	Ballotpedia	VoteSmart
Senator John Ruckelshaus [R]	Cosponsor	Sponsored Bills	SD-030	FollowTheMoney	Ballotpedia	VoteSmart
Senator Eric Bassler [R]	Cosponsor	Sponsored Bills	SD-039	FollowTheMoney	Ballotpedia	VoteSmart
Senator Jon Ford [R]	Cosponsor	Sponsored Bills	SD-038	FollowTheMoney	Ballotpedia	VoteSmart
Senator Eddie Melton [D]	Cosponsor	Sponsored Bills	SD-003	FollowTheMoney	Ballotpedia	VoteSmart

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