Status: Signed into law - program in development
State Program Manager: NA
State Account Limit: $330,000
Accepts Out Of State Residents: No
Annual Contribution Limit: $15,000 (This limit is a Federal limit that is required of all states and does not include additional ABLE to Work contributions.)
ABLE To Work Act Contribution: $12,490
Program Investment Institution(s): NA
State Income Tax Deduction: Yes. Wisconsin residents may apply for a state tax credit for any amount deposited into any other state's ABLE account.
FDIC Insured: No.
ABLE was added to the Executive Budget Act of 2015 (SB 21) on 7/12/15.
IMPORTANT NOTE: AB 731 was introduced on 1/15/16. This legislation repeals the Wisconsin ABLE Law but applies a state income tax deduction to ABLE accounts opened in other states. AB 731 passed Assembly on 2/16/16 and the Senate concurred on 3/16/16. It was signed into law on 3/30/16.
Program at a Glance
- Fee Range
Wisconsin allows a state income tax deduction for contributions to ABLE accounts opened in other states.