STATEHOUSE (Feb. 3, 2022) – The Indiana House of Representatives unanimously supported legislation recently authored by State Rep. Julie Olthoff (R-Crown Point) to establish the Achieving a Better Life Experience 529A savings tax credit to help Hoosiers with disabilities.
With an ABLE account, individuals with disabilities and their families can save money for a range of expenses including health care, assistive technology, employment training and housing. Olthoff said these accounts function very similarly to college 529 accounts, but do not currently have a tax credit associated with them. House Bill 1303 would establish the same style credit for the ABLE accounts, amounting to 20% of qualified contributions or a maximum amount of $500.
"Disability-related expenses can be extremely costly, and ABLE accounts are a great way for Hoosiers to save for the future," Olthoff said. "This tax credit could help those with disabilities and their families keep more of their money."
Hoosiers have opened over 1,000 ABLE accounts in Indiana.
House Bill 1303 now moves to the Indiana Senate for consideration. Visit iga.in.gov to learn more.
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State Rep. Julie Olthoff (R-Crown Point) represents House District 19,
which includes a portion of Lake and Porter counties.
Click here to download a high-resolution photo.
Photo Caption: State Rep. Julie Olthoff (R-Crown Point) presents her legislation establishing a savings tax credit to help Hoosiers with disabilities Monday, Jan. 31, 2022, at the Indiana Statehouse. The Indiana House of Representatives approved Olthoff's legislation unanimously, sending it to the Senate for further consideration.
