SB452
Commonwealth Savers Plan; ImABLE accounts established, tax treatment.
Status:
In Senate
Latest Action:
Feb. 3, 2026
Senate: Continued to next session in Finance and Appropriations (15-Y 0-N)
Chief Patron:
Emily Jordan (R)
Session:
2026 Regular Session
Summary
As Introduced. 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, ... (More) 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. (Less)-
Bill History
- 01/13/2026 - Senate: Prefiled and ordered printed; Offered 01-14-2026 26103164D
- 01/13/2026 - Senate: Referred to Committee on Finance and Appropriations
- 01/29/2026 - Senate: Fiscal Impact Statement from Department of Planning and Budget (SB452)
- 02/03/2026 - Senate: Continued to next session in Finance and Appropriations (15-Y 0-N)
