“PA ABLE offers seven different savings and investment options, including an interest-bearing checking account. PA ABLE account owners can contribute up to $18,000 per year. Contributions can be deducted from PA state income taxes, and owners pay no federal or state income taxes on account growth when used for qualified expenses. There are now nearly 10,000 PA ABLE accounts.
Starting in 2025, a new tax credit will encourage businesses to support their employees saving with PA ABLE. Pennsylvania employers will be eligible for a 25 percent tax credit on matching employer contributions of up to $500 per employee per year.”
Treasurer Garrity, Sen. Casey: PA ABLE program surpasses $135M in assets – Times Leader