Virginia SB 1404

Virginia

"An Act to amend and reenact §§ 23-38.75, 23-38.76, 23-38.77, 23-38.80, 23-38.81, and 58.1-322 of the Code of Virginia, relating to establishing Achieving a Better Life Experience (ABLE) savings trust accounts to be administered by the Virginia College Savings Plan to assist individuals and families in saving private funds for the purpose of supporting individuals with disabilities."

" 'ABLE savings trust account' means an account established pursuant to this chapter to assist individuals and families to save private funds to support individuals with disabilities to maintain health, independence, and quality of life, with such account used to apply distributions for qualified disability expenses for an eligible individual, both as defined in § 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law."

State Policies & Initiatives: 
Legislation
Systems: 
  • Other
Topics: 
  • Asset Development / Financial Capability
Other: 
  • Board of the Virginia College Savings Plan
Date Enacted: 
03/17/2015
Attachments: