OK STABLE Program Tax Deduction Enacted
Oklahomans who save and invest using OK STABLE, the state-sponsored ABLE Act program for people with disabilities, will now be able to deduct contributions from their state taxes, State Treasurer Randy McDaniel announced Thursday (May 14).
The tax deduction is identical to the one offered for contributions to the Oklahoma 529 College Savings Plan and will be in effect starting with 2021 income tax filing. The new law allows couples to deduct up to $20,000 in contributions per year from their state taxable income. Single taxpayers can deduct contributions of up to $10,000 per year.
Return to 529 News centerThe tax deduction is identical to the one offered for contributions to the Oklahoma 529 College Savings Plan and will be in effect starting with 2021 income tax filing. The new law allows couples to deduct up to $20,000 in contributions per year from their state taxable income. Single taxpayers can deduct contributions of up to $10,000 per year.