Connecticut Senate Bill SB00350

Connecticut 2017 Regular Session

• Introduced: 1/19/17
• Refer: 1/19/17

Caption

An Act Concerning A Program That Meets The Requirements Of The Federal Able Act And Establishing A Deduction Against The Personal Income Tax For Contributions Made For Such Program.

Impact

If enacted, SB00350 will impact state laws governing personal income tax by allowing deductions for specific contributions aimed at disability-related initiatives. The establishment of a program aligned with the ABLE Act indicates a step towards fostering inclusivity and financial empowerment for individuals with disabilities. By offering tax relief for contributions, it encourages both individual and community support towards disability-related expenses, thus fostering a more inclusive economic environment.

Summary

SB00350 aims to establish a program that complies with the federal Achieving a Better Life Experience Act (ABLE Act). This program is designed to facilitate individuals with disabilities in creating accounts where they can contribute funds to cover various disability-related expenses. The bill not only introduces this program but also sets forth provisions for a personal income tax deduction for contributions made towards these accounts. This dual approach is meant to enhance financial independence for individuals with disabilities and support their financial planning.

Contention

Notable points of contention surrounding SB00350 may revolve around the availability of funds and resources to effectively implement the program while maintaining state fiscal responsibility. Critics may voice concerns about the potential for abuse of the tax deduction or the sustainability of the funding mechanism for the disability accounts. This balance between providing meaningful support to individuals with disabilities and ensuring that the program does not impose an undue burden on state finances is likely to be a key focus during discussions and debates.