2019 Session

Budget Amendments - SB1100 (Member Request)

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Chief Patron: Carrico
VA529 - ABLEnow Outreach and Marketing

Item 485 #1s

Item 485 #1s

First Year - FY2019 Second Year - FY2020
Independent Agencies
Virginia College Savings Plan FY2019 $1,250,000 FY2020 $1,250,000 NGF

Page 509, line 38, strike "$30,517,037" and insert "$31,767,037".
Page 509, line 38, strike "$30,120,929" and insert "$31,370,929".

Page 510, after line 25, insert:

"F. Included in this appropriation is $1,250,000 in each year from nongeneral funds for outreach and marketing of ABLEnow accounts.".


(This amendment allocates $1,250,000 NGF in each year to support the outreach and marketing of ABLEnow accounts to reach critical mass and long-term sustainability. In 2015, the VA529’s enabling statute was amended to add ABLEnow, which provides tax-advantaged savings accounts for persons with disabilities. The new program opened to customers in December 2016 and currently almost 5,000 ABLEnow accounts have been opened, with accounts across the country. Less than one-third of the ABLEnow accounts are domiciled in Virginia. VA529 estimates that 220,000 Virginians would qualify for an ABLEnow account. Outreach activities will include grassroots, hands-on outreach in addition to media efforts.)