Trump Accounts in Virginia: State Tax Treatment
By Forrest Baumhover, CFP®, EA · Last verified September 2, 2026
Whether Virginia taxes a Trump Account's growth and distributions the way the IRS does — checked against Virginia's own conformity law, not a national summary.
Does Virginia follow the federal rule?
Virginia uses "fixed-date" (static) conformity: its tax code names a specific historical IRC date rather than following current federal law automatically. Its conformity date is December 31, 2025. That date is on or after OBBBA's July 4, 2025 enactment, so Virginia's general conformity picks up §530A as part of the Code it already follows.
What this means for a Trump Account in Virginia
Based on that mechanism, Virginia currently follows the federal §530A treatment: contributions and growth are not separately taxed by the state before distribution, the same deferral the federal rule provides. Separately from its general conformity mechanism, Virginia has taken its own action specific to Trump Accounts/§530A: HB 29 (Chapter 7, 2026 Acts of Assembly, signed Feb. 20, 2026) replaced Virginia's prior rolling conformity with fixed-date conformity as of December 31, 2025 (after OBBBA), while decoupling from roughly 13 specific federal provisions (special depreciation, NOL carrybacks, OID rules, certain itemized-deduction limits, R&E amortization, §179 limits, and others). IRC §530A is not among the listed decoupling items.
A note on this determination
Virginia's new fixed conformity date postdates OBBBA, and the enumerated decoupling list in both the statute and the Department of Taxation's own bulletin does not include §530A — so by the statute's structure, Trump Account treatment should be captured. But neither source explicitly names §530A or Trump Accounts, so this is inferred from the absence of an exception rather than a direct statement.
Back to the full picture
See the Trump Accounts hub for the federal contribution and distribution rules this state-tax determination builds on, and the state-by-state conformity library for how Virginia compares to other states.