"New Jersey Disability Savings Act."

The New Jersey Disability Savings Act (A115) creates a state tax deduction for contributions to New Jersey ABLE accounts (disability savings accounts) and offers a one-time $750 matching grant for new accounts opened by residents with gross income of $150,000 or less. It directly affects New Jersey residents with disabilities or their families who use these accounts for qualifying disability-related expenses like housing, education, or medical costs. The bill allows a full state tax deduction on contributions (similar to NJ’s 529 education savings plan) and provides the matching grant as an incentive to save, though funding for the grant depends on annual state appropriations. The deduction and grant apply only to New Jersey ABLE accounts, not accounts from other states.