Bill
Number: S.B. 1135
Bowie
Floor Amendment
Reference
to: printed bill
Amendment
drafted by: Molly Graver
FLOOR
AMENDMENT EXPLANATION
1. Allows, for taxable
years beginning January 1, 2021, Achieving a Better Life Experience (ABLE)
Account contributions authorized by section 529A of the Internal Revenue Code
made on behalf of a designated beneficiary to be subtracted from an
individual's Arizona adjusted gross income in the following amounts: a) $2,000
per beneficiary for an individual or a head of household; or b) $4,000 per
beneficiary for a married couple filing jointly.
2. Prohibits, in the case
of a married couple filing separate returns, the total ABLE Account
contribution subtraction from exceeding $4,000 per beneficiary.
Fifty-fifth Legislature Bowie
First
Regular Session S.B. 1135
BOWIE FLOOR AMENDMENT
SENATE AMENDMENTS TO S.B. 1135
(Reference to printed bill)
Page 5,
between lines 13 and 14, insert:
"28. for taxable years beginning from and after December 31,
2020, The amount contributed during the taxable year to an achieving a better
life experience account established pursuant to section 529A of the internal
revenue code on behalf of the designated beneficiary to the extent that the
contributions were not deducted in computing federal adjusted gross income.
The amount subtracted may not exceed:
(a) $2,000
per beneficiary for a single individual or a head of household.
(b) $4,000
per beneficiary for a married couple filing a joint return. In the case of a
husband and wife who file separate returns, the subtraction may be taken by
either taxpayer or may be divided between them, but the total subtractions
allowed both husband and wife may not exceed $4,000 per beneficiary."
Amend title to conform