Bill > HB145

Introduced Session

This Act will allow Delaware residents two new deductions from personal income tax. The first is a deduction from taxable income of up to $1,000 for contributions to an account in a Delaware-sponsored qualified tuition program, as that term is defined under 26 U.S.C. § 529 (a 529 College Savings Plan). The second is a deduction from taxable income of up to $5,000 for contributions to an account in a Delaware-sponsored ABLE program, as that term is defined under 26 U.S.C. § 529A (a 529A Savings Account - a special account for meeting the needs of certain individuals with disabilities). The 529 and 529A deduction is only applicable to the Delaware-sponsored plan. A transfer or rollover from another account authorized under 26 U.S.C. §§ 529 and 529A or for a change in beneficiary of any such account does not qualify for the deduction.

AI Summary

Committee Categories

Gerald Brady (D)*,  Bill Bush (D)*,  Sherry Dorsey Walker (D)*,  Krista Griffith (D)*,  Debra Heffernan (D)*,  Kendra Johnson (D)*,  Valerie Longhurst (D)*,  Colin Bonini (R),  Kyle Gay (D),  Stephanie Hansen (D),  Tizzy Lockman (D),  Trey Paradee (D),  Marie Pinkney (D),  Dave Sokola (D),  Laura Sturgeon (D), 

Signed by Governor (on 06/30/2022)

Official Document