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HB 3264 Illinois House · 104th Regular Session

INC TX-ABLE ACCOUNTS

Summary
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.
Issues: ✓ Budget & TaxesSupports Budget & TaxesCreates 25% income tax credit (up to $500) for ABLE account contributions, providing direct tax relief to contributors and aligning with fiscal responsibility for middle-income savers.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 6, 2025 Last action Mar 21, 2025
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
6
Key actions
1
Committee
4
Mar 21, 2025
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Mar 13, 2025
Lower · Passed
To Income Tax Subcommittee
lower
Mar 11, 2025
Committee
Assigned to Revenue & Finance Committee
lower
Feb 18, 2025
Committee
Referred to Rules Committee
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Marcus Evans
Marcus Evans
DDemocratic
IL
33