Commonwealth Savers Plan; ImABLE accounts established, tax treatment.

Summary

The bill lets qualifying Virginians open ImABLE accounts through the Commonwealth Savers Plan, with after‑tax contributions and generally tax‑free, penalty‑free withdrawals. It also sets up the Virginia ImABLE Fund and Grant Program to award competitive grants to businesses, nonprofits and localities that assist those individuals with support expenses. The accounts cannot be used as a factor in employment classifications.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share