In this week’s issue of the Bloomberg BNA Weekly State Tax Report, Bloomberg BNA's Jessica Watkins discusses the advantages of Achieving a Better Life Experience (ABLE) savings accounts for people with disabilities. These new ABLE accounts allow people with a qualifying disability to create, or be the beneficiary of, a tax-exempt savings account that will not compromise eligibility for federal government benefits. Thirty-four jurisdictions have enacted legislation creating ABLE programs, and many other states have ABLE bills pending or are exploring what would be needed to enact such a program in their state.
Full text of the article can be read in the 2/26/16 issue of the Weekly State Tax Report.
Other highlights from the 2/26/16 issue of the Weekly State Tax Report:
* Colorado Out-of-State Sales Reporting Ruled Constitutional
* Obama Signs Bill Banning Internet Access Taxes
* California FTB Says Refunds on Hold for ‘Gillette' Cases
* Delaware Vows to Alter Tax Code After Deal to Retain DuPont
Some notable developments from the State Tax Developments Tracker–Bloomberg BNA’s tool for monitoring important developments in all the states:
Iowa Department of Revenue Publishes Information on Iowa's Conformity with Federal Law Concerning Expensing Limitations
Pennsylvania General Assembly Amends Local Tax Enabling Act to Exempt Active Duty Military Pay from Taxable Earned Income
North Carolina Department of Revenue Issues Important Notice Concerning Sales and Use Tax Technical Bulletins and March 1, 2016 Tax Changes
Illinois Department of Revenue Publishes Emergency and Proposed Rules Regarding Medical Cannabis Privilege Tax Law
Pennsylvania Department of Revenue Issues Information Notice Regarding Add-Back Provision
For more information about this and other state tax issues, sign up for a free trial of the Bloomberg BNA Premier State Tax Library.
In other developments…
California: FTB Issues Ruling on the Sales Factor Sourcing of Non-Marketing Services, by Deloitte Tax LLP
Compiled by Melissa Fernley
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