Establishes the Commonwealth Savers Plan and ImABLE accounts for disability savings, tax treatment, and contributions.
The bill establishes the Commonwealth Savers Plan and ImABLE accounts for individuals with disabilities. It sets contribution limits, tax treatment, and rules for account holders and beneficiaries. Contributions to ImABLE accounts are not considered in employment classification determinations. The accounts offer tax-free growth and distributions for qualified disability expenses. The bill also creates the Virginia ImABLE Fund and Grant Program for awarding grants to qualifying projects.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.