Louisiana § 17:3088 Amounts deposited in ABLE accounts; Louisiana income tax; tax table income;

Louisiana Statutes

§ 17:3088 — Amounts deposited in ABLE accounts; Louisiana income tax; tax table income;

Louisiana·Title 17 Credit Union Law

§3088. Amounts deposited in ABLE accounts; Louisiana income tax; tax table income; reports to the Department of Revenue

A.For tax years beginning on and after January 1, 2026, amounts that an account owner deposits into an ABLE account on behalf of any designated beneficiary shall be exempt from inclusion in the account owner's taxable income for the purposes of state individual income tax up to a maximum of two thousand four hundred dollars per beneficiary per taxable year for account owners filing single returns and up to a maximum of four thousand eight hundred dollars per beneficiary per taxable year for account owners filing joint returns, as provided in R.S. 47:293(9)(a)(xxviii). If an account owner deposits less than the maximum two thousand four hundred dollars per year in an owne

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§3088. Amounts deposited in ABLE accounts; Louisiana income tax; tax table income;
reports to the Department of Revenue
A. For tax years beginning on and after January 1, 2026, amounts that an account
owner deposits into an ABLE account on behalf of any designated beneficiary shall be
exempt from inclusion in the account owner's taxable income for the purposes of state
individual income tax up to a maximum of two thousand four hundred dollars per beneficiary
per taxable year for account owners filing single returns and up to a maximum of four
thousand eight hundred dollars per beneficiary per taxable year for account owners filing
joint returns, as provided in R.S. 47:293(9)(a)(xxviii). If an account owner deposits less than
the maximum two thousand four hundred dollars per year in an owned account and files a
single return or if married account owners deposit less than the maximum of four thousand
eight hundred dollars per year in an account or accounts for a beneficiary and file a joint
return, the difference between the total deposits and two thousand four hundred dollars or
four thousand eight hundred dollars, respectively, shall roll over to subsequent years and
shall be exempt from inclusion in the account owner's taxable income for the purposes of
state income tax in addition to the two thousand four hundred dollars or four thousand eight
hundred dollars in the year actually deposited, as provided in R.S. 47:293(9)(a)(xxviii).
B. On or before the thirty-first day of January of each year, the authority shall submit
a report to the secretary of the Department of Revenue listing all donations made to ABLE
accounts during the prior calendar year. The report shall be in electronic format and shall
contain the name of the account owner, the account owner's social security number, and the
amount of all deposits made by the account owner into the savings account during the prior
calendar year.

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