Sign Up
SB 1993 Illinois Senate · 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% tax credit for ABLE contributions (up to $500), reducing taxable income for contributors. Aligns with tax relief for lower/middle income via targeted credit.85% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 6, 2025 Last action Jun 2, 2025
Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
9
Key actions
2
Committee
5
Jun 2, 2025
Committee
Rule 3-9(a) / Re-referred to Assignments
upper
Apr 11, 2025
Upper · Passed
Rule 2-10 Committee Deadline Established As May 9, 2025
upper
Mar 21, 2025
Upper · Passed
Rule 2-10 Committee Deadline Established As April 11, 2025
upper
Feb 25, 2025
Committee
Assigned to Revenue
upper
Feb 6, 2025
Committee
Referred to Assignments
upper
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Cristina Castro
Cristina Castro
DDemocratic
IL
22