Guidance Document Information
| Title |
ABLE Account Deduction Guidelines |
| Document ID |
Individual |
| Summary |
During the 2016 Session, the Virginia General Assembly enacted budget language (Item 3-5.11 of the 2016 Appropriation Act (House Bill 30, Chapter 780)) that establishes an individual income tax deduction for contributions to Achieving a Better Life Experience (“ABLE”) accounts, effective for taxable years beginning on or after January 1, 2016. ABLE accounts are tax-advantaged savings accounts that are intended to facilitate the saving of private funds for paying the qualified disability expenses of certain disabled individuals. The budget language requires the Department of Taxation to adopt guidelines to implement the provisions of such deduction, including the computation, carryover, and recapture of the deduction. |
| Effective Date |
9/21/2017 |
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Posted On 12/14/2017
Document on Town Hall
|
| Explanation or Citations |
Item 3-5.11 of the 2016 Appropriation Act (House Bill 30, Chapter 780) |
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