ABLE savings trust accounts; established, administered by the Virginia College Savings Plan. (SB1404)

Introduced By

Sen. Walter Stosch (R-Glen Allen)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Passed


01/22/2015Presented and ordered printed 15103322D
01/22/2015Referred to Committee on Education and Health
01/29/2015Reported from Education and Health (13-Y 0-N) (see vote tally)
01/30/2015Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/30/2015Impact statement from DPB (SB1404)
02/02/2015Read second time
02/02/2015Reading of amendments waived
02/02/2015Amendments by Senator Stosch agreed to
02/02/2015Engrossed by Senate as amended SB1404E
02/02/2015Printed as engrossed 15103322D-E
02/03/2015Read third time and passed Senate (38-Y 0-N) (see vote tally)
02/06/2015Placed on Calendar
02/06/2015Read first time
02/06/2015Referred to Committee on Education
02/11/2015Reported from Education with substitute (22-Y 0-N) (see vote tally)
02/11/2015Committee substitute printed 15104981D-H1
02/12/2015Read second time
02/13/2015Read third time
02/13/2015Committee substitute agreed to 15104981D-H1
02/13/2015Engrossed by House - committee substitute SB1404H1
02/13/2015Passed House with substitute (89-Y 7-N)
02/13/2015VOTE: PASSAGE (89-Y 7-N) (see vote tally)
02/17/2015House substitute rejected by Senate (1-Y 37-N) (see vote tally)
02/18/2015House insisted on substitute
02/18/2015House requested conference committee
02/18/2015Senate acceded to request (36-Y 0-N) (see vote tally)
02/18/2015Conferees appointed by Senate
02/18/2015Senators: Stosch, Martin, Howell
02/18/2015Conferees appointed by House
02/18/2015Delegates: Filler-Corn, Jones, Massie
02/19/2015Impact statement from DPB (SB1404H1)
02/23/2015C Amended by conference committee
02/23/2015Conference substitute printed 15105373D-S1
02/23/2015Conference report agreed to by Senate (39-Y 0-N) (see vote tally)
02/23/2015Conference report agreed to by House (92-Y 5-N)
02/23/2015VOTE: ADOPTION (92-Y 5-N) (see vote tally)
02/23/2015Impact statement from DPB (SB1404S1)
02/25/2015Bill text as passed Senate and House (SB1404ER)
02/25/2015Signed by Speaker
02/26/2015Signed by President
02/26/2015Enrolled Bill Communicated to Governor on 2/26/15
02/26/2015G Governor's Action Deadline Midnight, Sunday, March 29, 2015
02/27/2015Impact statement from DPB (SB1404ER)
03/17/2015G Approved by Governor-Chapter 227 (effective 7/1/15)
03/17/2015G Approved by Governor-Chapter 227 (effective 7/1/15 see bill)
03/17/2015G Acts of Assembly Chapter text (CHAP0227)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.