HB 1432 Illinois House · 104th Regular Session

ABLE ACCOUNT CONTRIBUTIONS

Summary

Amends the State Treasurer Act. Provides that, subject to appropriation, the State Treasurer may make a matching contribution of $50 to an ABLE account opened on or after January 1, 2026 for a beneficiary who is a resident of Illinois. Provides that the matching contribution shall be limited to one contribution per beneficiary and shall not be treated differently from any other contributions to the account. Provides that if there are insufficient funds available, the State Treasurer may reduce the matching contribution amount or forgo contributions. Provides that the Illinois ABLE Matching Contribution Fund shall be the official repository of all contributions, appropriated funds, interest, and dividend payments, gifts, or other financial assets received by the State Treasurer in connection with matching contributions to ABLE accounts. Amends the State Finance Act. Creates the Illinois ABLE Matching Contribution Fund.

Issues: ✓ Budget & Taxes

Bill status passed 3 of 5 stages cleared

Introduction

Apr 2025

Committee Review

Jun 2025

House Passage

Apr 2025

Senate Passage

Governor

Introduced Apr 8, 2025 Last action Jun 2, 2025

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Engrossed · 5 edits · Apr 7, 2025

MODERATE

The bill was amended to clarify that the State Treasurer may establish the Illinois ABLE Matching Contribution Fund to provide a $50 match for eligible Illinois residents opening ABLE accounts on or after January 1, 2026. The changes add specific operational rules, allowing the Treasurer to increase the match amount via rule and explicitly stating that the matched funds become the beneficiary's property. It also expands eligibility to include residents of other states that have contracts with Illinois, broadening the program's reach beyond just Illinois residents.

Scope change

The scope of the program was expanded to include beneficiaries who are residents of contracting states, not just Illinois residents.

FISCAL

Added a new section detailing the creation of the Illinois ABLE Matching Contribution Fund and the authority for the State Treasurer to make matching contributions of up to $50 per beneficiary.

REQUIREMENT

Added provisions allowing the State Treasurer to increase the matching contribution amount by rule and clarifying that matched funds become the property of the beneficiary.

Added a mandate for the State Treasurer to promote awareness of the ABLE account plan.

TIMELINE

Specified that matching contributions apply to ABLE accounts opened on or after January 1, 2026.

ELIGIBILITY

Expanded eligibility to include designated beneficiaries who are residents of contracting states, in addition to Illinois residents.

Floor votes · House Apr 7, 2025

How they voted

102–0

Passed · 16 other

Total votes 118

Apr 7, 2025

D Democratic78

68 Yea 10

87% Yea

R Republican40

34 Yea 6

85% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jun 2, 2025

Committee

Rule 3-9(a) / Re-referred to Assignments

upper

May 23, 2025

Upper · Passed

Rule 2-10 Committee Deadline Established As June 1, 2025

upper

May 9, 2025

Upper · Passed

Rule 2-10 Committee Deadline Established As May 23, 2025

upper

Apr 23, 2025

Committee

Assigned to Appropriations

upper

Apr 8, 2025

Committee

Referred to Assignments

upper

Apr 8, 2025

Introduced

Arrive in Senate

upper

Apr 7, 2025

Lower · Passed

Third Reading - Short Debate - Passed 102-000-001

lower

Feb 26, 2025

Lower · Passed

Do Pass / Short Debate State Government Administration Committee; 009-000-000

lower

Feb 18, 2025

Committee

Assigned to State Government Administration Committee

lower

Jan 28, 2025

Committee

Referred to Rules Committee

lower

2 primary · 19 co-sponsors