An Act To Provide An Income Tax Deduction For Certain Contributions To A Qualified Achieving A Better Life Experience Program Account
Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)
Summary
The bill would allow individuals who give money to a qualified Achieving a Better Life Experience (ABLE) program to subtract up to $1,000 of those contributions on their Maine income‑tax return. The deduction is only available to taxpayers whose federal adjusted gross income is under $100,000 (single or married filing separately) or $200,000 (married filing jointly or head of household). It is intended to treat ABLE contributions like the deductions already allowed for 529 college‑savings plans.
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