VirginiaCommonwealth Savers Plan; ImABLE accounts established, tax treatment.
What it does
Commonwealth Savers Plan; ImABLE accounts established; tax treatment. Provides a process whereby eligible individuals, defined in the bill, may establish ImABLE savings accounts, defined in the bill, with the Commonwealth Savers Plan. Payments and contributions, up to limits defined in the bill, to such accounts are made on an after-tax basis, distributions are generally exempt from income taxes, collections, and withdrawal penalties, and such accounts shall not be used as a factor in employment classifications.
More detail
The bill authorizes the Commonwealth Savers Plan to adopt emergency regulations to implement the provisions of the bill. The bill also establishes the Virginia ImABLE Fund and Grant Program to award competitive grants to businesses, nonprofit organizations, and localities for projects that assist eligible individuals with support expenses, as defined in the bill.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 3Continued to next session in Finance and Appropriations (15-Y 0-N)Latest
- Vote recorded Continued to next session in Finance and Appropriations. Result: pass.Upper
- Jan 29Fiscal Impact Statement from Department of Planning and Budget (SB452)
- Jan 13Referred to Committee on Finance and AppropriationsMinor
- Jan 13Prefiled and ordered printed; Offered 01-14-2026 26103164DIntroduced
- Feb 3Continued to next session in Finance and Appropriations (15-Y 0-N)Latest