Illinois SB 1993: INC TX-ABLE ACCOUNTS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1993

Introduced 2/6/2025, by Sen. Cristina Castro 

SYNOPSIS AS INTRODUCED:

35 ILCS 5/246 new

 Amends the Illinois Income Tax Act. Creates an income tax credit for contributions to an ABLE account. Provides that the credit shall be in an amount equal to 25% of that matching contribution, but not to exceed $500 per contributing employee per taxable year. Effective immediately.

LRB104 10930 HLH 21012 b

A BILL FOR

SB1993LRB104 10930 HLH 21012 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by 

5adding Section 246 as follows:

6 (35 ILCS 5/246 new)

7 Sec. 246. Credit for Illinois ABLE contributions.

8 (a) For taxable years ending on or after December 31, 2025 

9and ending before January 1, 2031, each taxpayer who, during 

10the taxable year, makes a contribution to a specified ABLE 

11account under Section 16.6 of the State Treasurer Act in an 

12amount matching a contribution made in the same taxable year 

13by an employee of the taxpayer to that account is entitled to a 

14credit against the tax imposed under subsections (a) and (b) 

15of Section 201 in an amount equal to 25% of that matching 

16contribution, but not to exceed $500 per contributing employee 

17per taxable year. 

18 (b) Partners and shareholders of subchapter S corporations 

19are entitled to a credit under this Section as provided in 

20Section 251. 

21 (c) The credit may not be carried back and may not reduce 

22the taxpayer's liability to less than zero. If the amount of 

23the credit exceeds the tax liability for the year, the excess 

SB1993- 2 -LRB10