Virginia SB 452 — Commonwealth Savers Plan; ImABLE accounts established, tax treatment.
Virginia, 2027. SB 452: Commonwealth Savers Plan; ImABLE accounts established, tax treatment.
Latest action
July 21, 2026 — Continued from last session
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.
A BILL to amend and reenact §§ 23.1-700, 23.1-704, 34-26, 34-34, 40.1-28.7:7, 58.1-322.02, 58.1-322.03, 58.1-902, and 60.2-212 of the Code of Virginia and to amend the Code of Virginia by adding in Title 23.1 a chapter numbered 7.1, consisting of sections numbered 23.1-714 through 23.1-722, and by adding in Article 1 of Chapter 3 of Title 40.1 a section numbered 40.1-28.7:12, relating to Commonwealth Savers Plan; ImABLE accounts established; tax treatment.
Sponsors
- Emily M. Jordan — primary sponsor
Bill text
Introduced Read version ↗ Read version ↗
Recorded votes
No roll-call votes were supplied for this bill. This does not imply that no vote occurred.
Legislative history
- Continued from last session
- Continued to next session in Finance and Appropriations (15-Y 0-N)
- Fiscal Impact Statement from Department of Planning and Budget (SB452)
- Referred to Committee on Finance and Appropriations
- Prefiled and ordered printed; Offered 01-14-2026 26103164D
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