ABLE savings trust accounts; established, administered by the Virginia College Savings Plan. (SB1404)
Introduced By
Sen. Walter Stosch (R-Glen Allen)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Achieving a Better Life Experience(ABLE) savings trust accounts established; administered by the Virginia College Savings Plan. Establishes ABLE savings trust accounts to be administered by the Virginia College Savings Plan to facilitate the saving of private funds for paying the qualified disability expenses of certain disabled individuals. Under the federal Achieving a Better Life Experience Act of 2014, Congress authorized states to establish ABLE savings trust accounts to assist individuals and families in saving and paying for the education, housing, transportation, employment training and support, assistive technology and personal support services, health, prevention and wellness, financial management and administrative services, and other expenses of individuals who were disabled or blind prior to the age of 26. The Virginia College Savings Plan will be the designated state agency administering ABLE savings trust accounts. Earnings on contributions to ABLE savings trust accounts are exempt from federal income tax. Under the bill, earnings on ABLE savings trust accounts will be excluded from Virginia taxable income. In addition, the bill provides that beginning with taxable year 2016 contributors to ABLE savings trust accounts will be allowed an individual income tax deduction up to $4,000 in contributions per year per account. Persons age 70 or over will not be subject to the $4,000 per account maximum annual deduction. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/22/2015 | Presented and ordered printed 15103322D |
01/22/2015 | Referred to Committee on Education and Health |
01/29/2015 | Reported from Education and Health (13-Y 0-N) (see vote tally) |
01/30/2015 | Constitutional reading dispensed (38-Y 0-N) (see vote tally) |
01/30/2015 | Impact statement from DPB (SB1404) |
02/02/2015 | Read second time |
02/02/2015 | Reading of amendments waived |
02/02/2015 | Amendments by Senator Stosch agreed to |
02/02/2015 | Engrossed by Senate as amended SB1404E |
02/02/2015 | Printed as engrossed 15103322D-E |
02/03/2015 | Read third time and passed Senate (38-Y 0-N) (see vote tally) |
02/06/2015 | Placed on Calendar |
02/06/2015 | Read first time |
02/06/2015 | Referred to Committee on Education |
02/11/2015 | Reported from Education with substitute (22-Y 0-N) (see vote tally) |
02/11/2015 | Committee substitute printed 15104981D-H1 |
02/12/2015 | Read second time |
02/13/2015 | Read third time |
02/13/2015 | Committee substitute agreed to 15104981D-H1 |
02/13/2015 | Engrossed by House - committee substitute SB1404H1 |
02/13/2015 | Passed House with substitute (89-Y 7-N) |
02/13/2015 | VOTE: PASSAGE (89-Y 7-N) (see vote tally) |
02/17/2015 | House substitute rejected by Senate (1-Y 37-N) (see vote tally) |
02/18/2015 | House insisted on substitute |
02/18/2015 | House requested conference committee |
02/18/2015 | Senate acceded to request (36-Y 0-N) (see vote tally) |
02/18/2015 | Conferees appointed by Senate |
02/18/2015 | Senators: Stosch, Martin, Howell |
02/18/2015 | Conferees appointed by House |
02/18/2015 | Delegates: Filler-Corn, Jones, Massie |
02/19/2015 | Impact statement from DPB (SB1404H1) |
02/23/2015 | C Amended by conference committee |
02/23/2015 | Conference substitute printed 15105373D-S1 |
02/23/2015 | Conference report agreed to by Senate (39-Y 0-N) (see vote tally) |
02/23/2015 | Conference report agreed to by House (92-Y 5-N) |
02/23/2015 | VOTE: ADOPTION (92-Y 5-N) (see vote tally) |
02/23/2015 | Impact statement from DPB (SB1404S1) |
02/25/2015 | Enrolled |
02/25/2015 | Bill text as passed Senate and House (SB1404ER) |
02/25/2015 | Signed by Speaker |
02/26/2015 | Signed by President |
02/26/2015 | Enrolled Bill Communicated to Governor on 2/26/15 |
02/26/2015 | G Governor's Action Deadline Midnight, Sunday, March 29, 2015 |
02/27/2015 | Impact statement from DPB (SB1404ER) |
03/17/2015 | G Approved by Governor-Chapter 227 (effective 7/1/15) |
03/17/2015 | G Approved by Governor-Chapter 227 (effective 7/1/15 see bill) |
03/17/2015 | G Acts of Assembly Chapter text (CHAP0227) |