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Developed and maintained by the Division of Legislative Automated Systems.
2015 SESSION
SB 1404 ABLE savings trust accounts; established, administered by the Virginia College Savings Plan.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
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
HISTORY
- 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)