Bill > H6008

This bill allows employers to receive an income tax credit for contributions made to an employee's ABLE (Achieving a Better Life Experience) account, which is a specialized savings account for individuals with disabilities. Specifically, employers can claim a tax credit of up to $2,000 per employee per year for contributions to these accounts. The bill amends two sections of Rhode Island tax law - one for business corporation tax and another for personal income tax - to add this new tax credit provision. The credit aims to incentivize employers to support their employees with disabilities by helping them save money in tax-advantaged ABLE accounts, which can be used for qualified disability-related expenses without jeopardizing eligibility for certain public benefits. The bill will take effect immediately upon its passage, allowing employers to potentially claim this credit for the current tax year.

Budget and Finance

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