Bill > HB1432

This bill establishes a new state-funded matching contribution program for ABLE accounts, which are special savings accounts for individuals with disabilities. Specifically, the State Treasurer may provide a $50 matching contribution for ABLE accounts opened on or after January 1, 2026, by Illinois residents. The matching contribution is limited to one contribution per beneficiary and will become the property of the account beneficiary. If sufficient funds are not available, the State Treasurer has the discretion to reduce or eliminate the matching contribution. The bill creates a new special fund called the Illinois ABLE Matching Contribution Fund, which will serve as the repository for all contributions, appropriated funds, interest, and other financial assets related to these matching contributions. The fund is designed to be used exclusively for matching contributions and cannot be used for other purposes or interfund borrowing. The overall goal of this legislation is to encourage and support savings for individuals with disabilities by providing a small financial incentive for opening an ABLE account, which helps people with disabilities save money without jeopardizing their eligibility for certain public benefits.

Budget and Finance, Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1432&GAID=18&DocTypeID=HB&SessionID=114&GA=104