{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-700.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-700.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-700.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-700.html"}],"law_id":66160,"edition_id":1,"section_id":66160,"structure_id":13113,"section_number":"23.1-700","catch_line":"Definitions","history":"1994, c. 661, \u00a7 23-38.75; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999, cc. 485, 518; 2000, cc. 382, 400; 2015, cc. 227, 311; 2016, c. 588; 2019, cc. 803, 804; 2024, c. 217.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“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, as both such terms are defined in \u00a7 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law.\n\t\t“Board” means the governing board of the Plan.\n\t\t“College savings trust account” means an account established pursuant to this chapter to assist individuals and families to enhance the accessibility and affordability of higher education, with such account used to apply distributions from the account toward qualified higher education expenses, as that term is defined in \u00a7 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law.\n\t\t“Contributor” means a person who contributes money to a savings trust account established pursuant to this chapter on behalf of a qualified beneficiary and who is listed as the owner of the savings trust account.\n\t\t“Non-Virginia public and accredited nonprofit independent or private institutions of higher education” means public and accredited nonprofit independent or private institutions of higher education that are located outside the Commonwealth.\n\t\t“Plan” means the Commonwealth Savers Plan.\n\t\t“Prepaid tuition contract” means the contract or account entered into by the board and a purchaser pursuant to this chapter for the advance payment of tuition at a fixed, guaranteed level for a qualified beneficiary to attend any public institution of higher education to which the qualified beneficiary is admitted.\n\t\t“Public institution of higher education” has the same meaning as provided in \u00a7 23.1-100.\n\t\t“Purchaser” means a person who makes or is obligated to make advance payments in accordance with a prepaid tuition contract and who is listed as the owner of the prepaid tuition contract.\n\t\t“Qualified beneficiary” or “beneficiary” means (i) a resident of the Commonwealth, as determined by the board, who is the beneficiary of a prepaid tuition contract and who may apply advance tuition payments to tuition as set forth in this chapter; (ii) a beneficiary of a prepaid tuition contract purchased by a resident of the Commonwealth, as determined by the board, who may apply advance tuition payments to tuition as set forth in this chapter; or (iii) a beneficiary of a savings trust account established pursuant to this chapter.\n\t\t“Savings trust account” means an ABLE savings trust account or a college savings trust account.\n\t\t“Savings trust agreement” means the agreement entered into by the board and a contributor that establishes a savings trust account.\n\t\t“Tuition” means the quarter, semester, or term charges imposed for undergraduate tuition by any public institution of higher education and all mandatory fees required as a condition of enrollment of all students. At the discretion of the board, a beneficiary may apply benefits under a prepaid tuition contract and distributions from a college savings trust account (i) toward graduate-level tuition and (ii) toward qualified higher education expenses, as that term is defined in 26 U.S.C. \u00a7 529 or any other applicable section of the Internal Revenue Code of 1986, as amended.","order_by":null,"text":{"0":{"id":240321,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“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, as both such terms are defined in \u00a7 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law.\n\t\t“Board” means the governing board of the Plan.\n\t\t“College savings trust account” means an account established pursuant to this chapter to assist individuals and families to enhance the accessibility and affordability of higher education, with such account used to apply distributions from the account toward qualified higher education expenses, as that term is defined in \u00a7 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law.\n\t\t“Contributor” means a person who contributes money to a savings trust account established pursuant to this chapter on behalf of a qualified beneficiary and who is listed as the owner of the savings trust account.\n\t\t“Non-Virginia public and accredited nonprofit independent or private institutions of higher education” means public and accredited nonprofit independent or private institutions of higher education that are located outside the Commonwealth.\n\t\t“Plan” means the Commonwealth Savers Plan.\n\t\t“Prepaid tuition contract” means the contract or account entered into by the board and a purchaser pursuant to this chapter for the advance payment of tuition at a fixed, guaranteed level for a qualified beneficiary to attend any public institution of higher education to which the qualified beneficiary is admitted.\n\t\t“Public institution of higher education” has the same meaning as provided in \u00a7 23.1-100.\n\t\t“Purchaser” means a person who makes or is obligated to make advance payments in accordance with a prepaid tuition contract and who is listed as the owner of the prepaid tuition contract.\n\t\t“Qualified beneficiary” or “beneficiary” means (i) a resident of the Commonwealth, as determined by the board, who is the beneficiary of a prepaid tuition contract and who may apply advance tuition payments to tuition as set forth in this chapter; (ii) a beneficiary of a prepaid tuition contract purchased by a resident of the Commonwealth, as determined by the board, who may apply advance tuition payments to tuition as set forth in this chapter; or (iii) a beneficiary of a savings trust account established pursuant to this chapter.\n\t\t“Savings trust account” means an ABLE savings trust account or a college savings trust account.\n\t\t“Savings trust agreement” means the agreement entered into by the board and a contributor that establishes a savings trust account.\n\t\t“Tuition” means the quarter, semester, or term charges imposed for undergraduate tuition by any public institution of higher education and all mandatory fees required as a condition of enrollment of all students. At the discretion of the board, a beneficiary may apply benefits under a prepaid tuition contract and distributions from a college savings trust account (i) toward graduate-level tuition and (ii) toward qualified higher education expenses, as that term is defined in 26 U.S.C. \u00a7 529 or any other applicable section of the Internal Revenue Code of 1986, as amended.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13113,"edition_id":1,"name":"Commonwealth Savers Plan and Able Savings Trust Accounts","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13112,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":185235,"object_type":"structure","relational_id":13113,"identifier":"7","token":"23.1\/II\/7","url":"\/23.1\/II\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13112,"edition_id":1,"name":"Students and Campus","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184847,"object_type":"structure","relational_id":13112,"identifier":"II","token":"23.1\/II","url":"\/23.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66160,"structure_id":13113,"section_number":"23.1-700","catch_line":"Definitions","url":"\/23.1-700\/","token":"23.1\/II\/7\/23.1-700","metadata":false},{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},{"id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","metadata":false},{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},{"id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","metadata":false},{"id":72372,"structure_id":13113,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","url":"\/23.1-706\/","token":"23.1\/II\/7\/23.1-706","metadata":false},{"id":57132,"structure_id":13113,"section_number":"23.1-707","catch_line":"Prepaid tuition contracts and college and ABLE savings trust agreements","url":"\/23.1-707\/","token":"23.1\/II\/7\/23.1-707","metadata":false},{"id":54148,"structure_id":13113,"section_number":"23.1-707.1","catch_line":"Prepaid tuition contracts; pricing reserves; limitations","url":"\/23.1-707.1\/","token":"23.1\/II\/7\/23.1-707.1","metadata":false},{"id":62682,"structure_id":13113,"section_number":"23.1-708","catch_line":"Assets of the Plan exempt from taxation","url":"\/23.1-708\/","token":"23.1\/II\/7\/23.1-708","metadata":false},{"id":77258,"structure_id":13113,"section_number":"23.1-709","catch_line":"Annual report","url":"\/23.1-709\/","token":"23.1\/II\/7\/23.1-709","metadata":false},{"id":74025,"structure_id":13113,"section_number":"23.1-710","catch_line":"Forms and audit of accounts and records","url":"\/23.1-710\/","token":"23.1\/II\/7\/23.1-710","metadata":false},{"id":82160,"structure_id":13113,"section_number":"23.1-711","catch_line":"Admission to institutions not guaranteed; coverage limitations","url":"\/23.1-711\/","token":"23.1\/II\/7\/23.1-711","metadata":false},{"id":72325,"structure_id":13113,"section_number":"23.1-712","catch_line":"Payroll deductions","url":"\/23.1-712\/","token":"23.1\/II\/7\/23.1-712","metadata":false},{"id":84958,"structure_id":13113,"section_number":"23.1-713","catch_line":"Liberal construction of chapter","url":"\/23.1-713\/","token":"23.1\/II\/7\/23.1-713","metadata":false}],"next_section":{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-700\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapter 661<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 8 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1997, chapters 785<\/a> and 861<\/a>; in 1998, chapters 61<\/a> and 85<\/a>; in 1999, chapters 485<\/a> and 518<\/a>; in 2000, chapters 382<\/a> and 400<\/a>; in 2015, chapters 227<\/a> and 311<\/a>; in 2016, chapter 588<\/a>; in 2019, chapters 803<\/a> and 804<\/a>; in 2024, chapter 217<\/a>.<\/p>","references":[{"id":84140,"section_number":"2.2-2745","catch_line":"Program authorized","order_by":null,"url":"\/2.2-2745\/"},{"id":69909,"section_number":"2.2-3705.4","catch_line":"Exclusions to application of chapter; educational records and certain records of educational institutions","order_by":null,"url":"\/2.2-3705.4\/"},{"id":72789,"section_number":"2.2-3711","catch_line":"(Effective July 1, 2026) Closed meetings authorized for certain limited purposes","order_by":null,"url":"\/2.2-3711\/"},{"id":57103,"section_number":"20-124.2","catch_line":"Court-ordered custody and visitation arrangements","order_by":null,"url":"\/20-124.2\/"},{"id":56640,"section_number":"23.1-1006","catch_line":"Management agreement; contents and scope","order_by":null,"url":"\/23.1-1006\/"},{"id":68012,"section_number":"23.1-306","catch_line":"Public institutions of higher education; six-year plans; institutional partnership performance agreements","order_by":null,"url":"\/23.1-306\/"},{"id":86977,"section_number":"23.1-704","catch_line":"Powers and duties of the board","order_by":null,"url":"\/23.1-704\/"},{"id":78041,"section_number":"30-133","catch_line":"Duties and powers generally","order_by":null,"url":"\/30-133\/"},{"id":86887,"section_number":"51.1-500","catch_line":"Definitions","order_by":null,"url":"\/51.1-500\/"},{"id":70590,"section_number":"51.1-505.01","catch_line":"Additional accidental death and dismemberment benefits","order_by":null,"url":"\/51.1-505.01\/"},{"id":81784,"section_number":"58.1-322.02","catch_line":"Virginia taxable income; subtractions","order_by":null,"url":"\/58.1-322.02\/"},{"id":79461,"section_number":"58.1-322.03","catch_line":"Virginia taxable income; deductions","order_by":null,"url":"\/58.1-322.03\/"},{"id":83671,"section_number":"58.1-344.4","catch_line":"Voluntary contributions of refunds into Commonwealth Savers Plan accounts","order_by":null,"url":"\/58.1-344.4\/"}],"refers_to":[{"id":59984,"section_number":"23.1-100","catch_line":"Definitions","order_by":null,"url":"\/23.1-100\/"}],"permalink":{"id":185237,"object_type":"law","relational_id":66160,"identifier":"23.1-700","token":"23.1\/II\/7\/23.1-700","url":"\/23.1-700\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-700\/","token":"23.1\/II\/7\/23.1-700","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-700","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“ABLE savings trust account<\/span><\/span>” 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, as both such terms are defined in \u00a7 529A of the Internal Revenue Code of 1986, as amended, or other applicable federal law<\/span>.\n\t\t“Board” means the governing board<\/span> of the Plan<\/span>.\n\t\t“College savings trust account<\/span><\/span>” means an account established pursuant to this chapter to assist individuals and families to enhance the accessibility and affordability of higher education, with such account used to apply distributions from the account toward qualified higher education expenses, as that term is defined in \u00a7 529 of the Internal Revenue Code of 1986, as amended, or other applicable federal law<\/span>.\n\t\t“Contributor<\/span>” means a person who contributes money to a savings trust account<\/span> established pursuant to this chapter on behalf of a qualified beneficiary<\/span> and who is listed as the owner of the savings trust account<\/span>.\n\t\t“Non-Virginia public and accredited nonprofit independent or private institutions of higher education<\/span>” means public and accredited nonprofit independent or private institutions of higher education that are located outside the Commonwealth.\n\t\t“Plan<\/span>” means the Commonwealth Savers Plan<\/span>.\n\t\t“Prepaid tuition contract<\/span>” means the contract or account entered into by the board and a purchaser<\/span> pursuant to this chapter for the advance payment of tuition at a fixed, guaranteed level for a qualified beneficiary<\/span> to attend any public institution of higher education<\/span> to which the qualified beneficiary<\/span> is admitted.\n\t\t“Public institution of higher education<\/span>” has the same meaning as provided in \u00a7 23.1-100<\/a>.\n\t\t“Purchaser<\/span>” means a person who makes or is obligated to make advance payments in accordance with a prepaid tuition contract<\/span> and who is listed as the owner of the prepaid tuition contract<\/span>.\n\t\t“Qualified beneficiary<\/span>” or “beneficiary” means (i) a resident of the Commonwealth, as determined by the board, who is the beneficiary of a prepaid tuition contract<\/span> and who may apply advance tuition payments to tuition as set forth in this chapter; (ii) a beneficiary of a prepaid tuition contract<\/span> purchased by a resident of the Commonwealth, as determined by the board, who may apply advance tuition payments to tuition as set forth in this chapter; or (iii) a beneficiary of a savings trust account<\/span> established pursuant to this chapter.\n\t\t“Savings trust account<\/span>” means an ABLE savings trust account<\/span><\/span> or a college savings trust account<\/span><\/span>.\n\t\t“Savings trust agreement<\/span>” means the agreement entered into by the board and a contributor<\/span> that establishes a savings trust account<\/span>.\n\t\t“Tuition” means the quarter, semester, or term charges imposed for undergraduate tuition by any public institution of higher education<\/span> and all mandatory fees required as a condition of enrollment of all students. At the discretion of the board, a beneficiary may apply benefits under a prepaid tuition contract<\/span> and distributions from a college savings trust account<\/span><\/span> (i) toward graduate-level tuition and (ii) toward qualified higher education expenses, as that term is defined in 26 U.S.C. \u00a7 529 or any other applicable section of the Internal Revenue Code of 1986, as amended.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 23.1-700)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“ABLE savings trust account” means an account established pursuant\nto this chapter to assist individuals and families to save private funds to\nsupport individuals with disabilities to maintain health, independence, and\nquality of life, with such account used to apply distributions for qualified\ndisability expenses for an eligible individual, as both such terms are defined\nin \u00a7 529A of the Internal Revenue Code of 1986, as amended, or other applicable\nfederal law.\n\t\t“Board” means the governing board of the Plan.\n\t\t“College savings trust account” means an account established\npursuant to this chapter to assist individuals and families to enhance the\naccessibility and affordability of higher education, with such account used to\napply distributions from the account toward qualified higher education expenses,\nas that term is defined in \u00a7 529 of the Internal Revenue Code of 1986, as\namended, or other applicable federal law.\n\t\t“Contributor” means a person who contributes money to a savings\ntrust account established pursuant to this chapter on behalf of a qualified\nbeneficiary and who is listed as the owner of the savings trust account.\n\t\t“Non-Virginia public and accredited nonprofit independent or private\ninstitutions of higher education” means public and accredited nonprofit\nindependent or private institutions of higher education that are located outside\nthe Commonwealth.\n\t\t“Plan” means the Commonwealth Savers Plan.\n\t\t“Prepaid tuition contract” means the contract or account entered\ninto by the board and a purchaser pursuant to this chapter for the advance\npayment of tuition at a fixed, guaranteed level for a qualified beneficiary to\nattend any public institution of higher education to which the qualified\nbeneficiary is admitted.\n\t\t“Public institution of higher education” has the same meaning as\nprovided in \u00a7 23.1-100.\n\t\t“Purchaser” means a person who makes or is obligated to make\nadvance payments in accordance with a prepaid tuition contract and who is listed\nas the owner of the prepaid tuition contract.\n\t\t“Qualified beneficiary” or “beneficiary” means (i) a\nresident of the Commonwealth, as determined by the board, who is the beneficiary\nof a prepaid tuition contract and who may apply advance tuition payments to\ntuition as set forth in this chapter; (ii) a beneficiary of a prepaid tuition\ncontract purchased by a resident of the Commonwealth, as determined by the\nboard, who may apply advance tuition payments to tuition as set forth in this\nchapter; or (iii) a beneficiary of a savings trust account established pursuant\nto this chapter.\n\t\t“Savings trust account” means an ABLE savings trust account or a\ncollege savings trust account.\n\t\t“Savings trust agreement” means the agreement entered into by the\nboard and a contributor that establishes a savings trust account.\n\t\t“Tuition” means the quarter, semester, or term charges imposed for\nundergraduate tuition by any public institution of higher education and all\nmandatory fees required as a condition of enrollment of all students. At the\ndiscretion of the board, a beneficiary may apply benefits under a prepaid\ntuition contract and distributions from a college savings trust account (i)\ntoward graduate-level tuition and (ii) toward qualified higher education\nexpenses, as that term is defined in 26 U.S.C. \u00a7 529 or any other applicable\nsection of the Internal Revenue Code of 1986, as amended.\n\nHISTORY: 1994, c. 661, \u00a7 23-38.75; 1997, cc. 785, 861; 1998, cc. 61, 85; 1999,\ncc. 485, 518; 2000, cc. 382, 400; 2015, cc. 227, 311; 2016, c. 588; 2019, cc.\n803, 804; 2024, c. 217.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}