Illinois Treasurer Amends Income Tax Regulations Concerning ABLE Account Program

The Illinois State Treasurer Dec. 2 amended regulations concerning the Achieving a Better Life Experience (ABLE) Account Program for individual income tax purposes. The rules include measures: 1) specifying that an individual is an eligible individual for a taxable year if, during that taxable year, the individual meets the requirements under relevant provisions of the Internal Revenue Code (IRC) and federal regulations; 2) providing authority to establish and mange an ABLE account; 3) requiring an applicant to submit an application including, but not limited to, specified relevant documents; 4) specifying that a designated beneficiary has signature authority over their account ...