VirginiaSB4522026 Regular SessionSenate

Commonwealth Savers Plan; ImABLE accounts established, tax treatment.

Sponsored By: Emily M. Jordan (Republican)

In Committee

Summary

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, 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.

Finance and Appropriations

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Emily M. Jordan

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 15 • No: 0

Senate vote 2/3/2026

Continued to 2027 in Finance and Appropriations

Yes: 15 • No: 0

Actions Timeline

  1. Continued to 2027 in Finance and Appropriations (15-Y 0-N)

    2/3/2026Senate
  2. Fiscal Impact Statement from Department of Planning and Budget (SB452)

    1/29/2026Senate
  3. Referred to Committee on Finance and Appropriations

    1/13/2026Senate
  4. Prefiled and ordered printed; Offered 01-14-2026 26103164D

    1/13/2026Senate

Bill Text

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