Bill
Bill > HB1509
AR HB1509
To Amend The Arkansas Tax-deferred Tuition Savings Program Act; To Adopt Recent Changes Contained In The Internal Revenue Code; And To Change The Name Of The Program.
summary
Introduced
02/22/2021
02/22/2021
In Committee
04/21/2021
04/21/2021
Crossed Over
03/02/2021
03/02/2021
Passed
04/23/2021
04/23/2021
Dead
Signed/Enacted/Adopted
04/27/2021
04/27/2021
Introduced Session
93rd General Assembly (2021 Regular)
Bill Summary
AN ACT CONCERNING THE ARKANSAS TAX-DEFERRED TUITION SAVINGS PROGRAM; TO AMEND THE ARKANSAS TAX-DEFERRED TUITION SAVINGS PROGRAM ACT; TO ADOPT RECENT CHANGES CONTAINED IN THE INTERNAL REVENUE CODE RELATED TO THE PROGRAM; TO CHANGE THE NAME OF THE PROGRAM; AND FOR OTHER PURPOSES.
AI Summary
This bill amends the Arkansas Tax-Deferred Tuition Savings Program Act to rename it the Arkansas Brighter Future Fund Plan Act. The bill updates the plan to align with recent changes in the Internal Revenue Code, including provisions around rollover contributions, qualified higher education expenses, and tax treatment of withdrawals. The bill maintains the Section 529 Plan Review Committee's oversight and administration of the plan, which is a tax-advantaged savings program for higher education costs.
Committee Categories
Budget and Finance
Sponsors (18)
Karilyn Brown (R)*,
Jane English (R)*,
Sonia Barker (R),
Mary Bentley (R),
Cecile Bledsoe (R),
Fran Cavenaugh (R),
Cindy Crawford (R),
Carol Dalby (R),
Breanne Davis (R),
Charlene Fite (R),
Michelle Gray (R),
Delia Haak (R),
Missy Irvin (R),
Robin Lundstrum (R),
Julie Mayberry (R),
Gayla McKenzie (R),
Nelda Speaks (R),
DeAnn Vaught (R),
Last Action
Notification that HB1509 is now Act 966 (on 04/27/2021)
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