FISCAL NOTE

Senate Bill 231 as introduced would provide an individual income tax deduction, up to $5,000 annually, on contributions made, on or after January 1, 2021, to an Alabama Achieving a Better Life Experience (ABLE) account. Based upon the number of existing accounts, this could reduce receipts deposited into the Education Trust Fund by an estimated $90,000 annually.

As amended and reported by the Committee on Finance and Taxation Education, the provisions of this bill would sunset on December 31, 2025, unless extended by an act of the Legislature.