Sen. Lisa Baker addressed the Senate Finance Committee today on legislation she introduced exempting eligible contributions to the state’s Achieving a Better Life Experience (ABLE) accounts from taxation. Additionally, it provides that any distributions from or changes to a PA ABLE account that are not subject to federal income tax will not be subject to Pennsylvania state income tax. The ABLE savings program enables the creation of tax-exempt savings accounts specifically for people with qualified disabilities and their families. It was also an effort championed by Baker. SB 677 serves as a companion piece to the ABLE Act by sheltering these accounts from taxation. The bill was unanimously approved by the committee and sent to the full Senate for consideration.
