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Appropriations committee advances bill to extend ABLE account tax deduction through 2030
Summary
The House Appropriations Committee voted unanimously to move Senate Bill 302 to the Committee of the Whole; supporters said the bill preserves a state income-tax deduction for ABLE (529A) accounts that help people with disabilities save without jeopardizing benefits.
The House Appropriations Committee on Monday moved Senate Bill 302 to the Committee of the Whole with a favorable recommendation, advancing a proposal to extend Colorado’s income-tax deduction for ABLE (529A) accounts through December 2030.
Supporters told the committee the deduction helps people with disabilities save for disability-related expenses without risking public benefits. Jack Johnson, an attorney at Disability Law Colorado, said ABLE accounts help protect benefits and reduce poverty.
"ABLE accounts are substantial…
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