SPRINGFIELD, Ill. – State Rep. Dan Beiser, D-Alton, is sponsoring legislation to help families with disabled children save money for their future by making all contributions to the Achieving a Better Life Experience (ABLE) savings account tax deductible.
“Children with disabilities face unique challenges throughout their lives,” Beiser said. “However, as parents try to meet their needs right now, saving for their future can become a secondary concern. ABLE accounts allow parents to plan for their child with disabilities in the same way that they save for college.”
In 2015, Beiser helped create ABLE accounts to help parents of disabled children set aside money to pay for care for their child later in life, including medical costs. These accounts are managed by the Office of the Illinois State Treasurer and modeled after savings accounts used to help parents save to send their children to college. House Bill 3163 makes changes to allow anyone who contributes to an ABLE account to deduct that amount from their gross income, up to $10,000, on their state income taxes.
“In the same way that friends and family help contribute toward college funds, they may choose to help parents add money to the ABLE account,” Beiser said. “This legislation not only helps the beneficiary of the account, but also recognizes others for their generous contributions by allowing them to make the deduction on their taxes.”
For more information, please contact Rep. Beiser’s constituent service office at (618) 465-5900.