SB 1404 ABLE savings trust accounts; established, administered by the Virginia College Savings Plan.
Walter A. Stosch | all patrons    ...    notes
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Summary as passed: (all summaries)

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. Earnings on contributions to ABLE savings trust accounts are exempt from federal income tax.

Because Virginia conforms to the federal income tax laws, earnings on contributions to ABLE savings trust accounts will also be excluded from Virginia taxable income. This bill is identical to HB 2306.

Full text:
01/22/15  Senate: Presented and ordered printed 15103322D  pdf | impact statement
02/02/15  Senate: Printed as engrossed 15103322D-E  pdf
02/11/15  House: Committee substitute printed 15104981D-H1  pdf | impact statement
02/23/15  Senate: Conference substitute printed 15105373D-S1  pdf | impact statement
02/25/15  Senate: Bill text as passed Senate and House (SB1404ER)  pdf | impact statement
03/17/15  Governor: Acts of Assembly Chapter text (CHAP0227)  pdf

Amendments:
Senate amendments
Conference amendments

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