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Senate Finance advances SB302 to extend ABLE (529A) contribution tax deduction
Summary
Senate Finance voted to send SB302 to Appropriations after testimony from disability advocates and families supporting a multi‑year extension of the state deduction for ABLE 529A contributions. Witnesses said the tax incentive helps people with disabilities save for disability‑related expenses without losing means‑tested benefits.
Senate Finance advanced SB302, a bill to extend Colorado’s state tax deduction for contributions to 529A ABLE accounts (savings accounts for individuals with disabilities). Sponsors said the deduction helps people with disabilities save for disability‑related expenses without jeopardizing eligibility for Medicaid or Supplemental Security Income.
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