Bill
Bill > LD1735
ME LD1735
ME LD1735An Act to Provide an Income Tax Deduction for Certain Contributions to a Qualified Achieving a Better Life Experience Program Account
summary
Introduced
04/22/2025
04/22/2025
In Committee
04/22/2025
04/22/2025
Crossed Over
06/04/2025
06/04/2025
Passed
06/04/2025
06/04/2025
Dead
Introduced Session
Potential new amendment
132nd Legislature
Bill Summary
This bill aligns the tax deductibility of contributions to a qualified ABLE program account with those made to a qualified tuition program established under Section 529 of the United States Internal Revenue Code by allowing up to $1,000 in contributions to be deductible from individual income tax.
AI Summary
This bill creates a new income tax deduction for contributions to a Qualified ABLE (Achieving a Better Life Experience) Program Account in Maine. Specifically, the bill allows individuals to deduct up to $1,000 in contributions to an ABLE account for tax years starting on or after January 1, 2025. The ABLE Act is a federal law that helps individuals with disabilities save money without losing eligibility for certain government benefits. However, the tax deduction comes with income restrictions: it cannot be claimed by single filers or married individuals filing separately if their federal adjusted gross income exceeds $100,000, and it cannot be claimed by married joint filers or heads of households if their income exceeds $200,000. This provision aims to provide a tax benefit to individuals supporting ABLE accounts, which are designed to help people with disabilities save for disability-related expenses while maintaining financial assistance eligibility.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
CARRIED OVER, in the same posture, to any special or regular session of the 132nd Legislature, pursuant to Joint Order SP 800. (on 06/25/2025)
bill text
bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1735&snum=132 |
| Senate: C-A (S-263) | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=SP0681&item=2&snum=132 |
| Fiscal Note: C-A (S-263) | https://legislature.maine.gov/legis/bills/bills_132nd/fiscalpdfs/FN173502.pdf |
| BillText | https://legislature.maine.gov/legis/bills/getPDF.asp?paper=SP0681&item=1&snum=132 |
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