Summary

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. 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.

Digest published by the state legislature, retrieved via Open States. Heard is not affiliated with either.

Bill text

The full text of this bill isn't on Heard yet. The official documents are linked below.

• IntroducedOfficial document (PDF)
• IntroducedOfficial document (HTML)

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