ABLE savings trust accounts; established, administered by the Virginia College Savings Plan. (HB2306)

Introduced By

Del. Eileen Filler-Corn (D-Fairfax Station) with support from 7 copatrons, whose average partisan position is:

Those copatrons are Del. David Bulova (D-Fairfax), Del. Glenn Davis (R-Virginia Beach), Del. Kaye Kory (D-Falls Church), Del. Jim LeMunyon (R-Oak Hill), Del. Bob Marshall (R-Manassas), Del. Roxann Robinson (R-Chesterfield), Del. Marcus Simon (D-Falls Church)

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