Bill > HB2477

This bill makes several revisions to Arizona's education savings plan, known as AZ529, which is a program designed to help families save for future education costs and is governed by Section 529 of the Internal Revenue Code. Key changes include updating the definition of "member of the family" and "qualified higher education expenses" to align directly with the federal Section 529 of the Internal Revenue Code, while also incorporating specific modifications allowed by federal law for certain expenses like K-12 tuition and student loan payments, with updated aggregate limits for these uses. The bill also modifies plan requirements by allowing account owners to make payments to participate in the plan, clarifies that account owner information is confidential, and expands the flexibility for transferring funds by removing a sunset date on rollovers to Achieving a Better Life Experience (ABLE) accounts and allowing transfers to Roth individual retirement accounts under specific conditions, such as the account being maintained for at least fifteen years and adhering to annual and lifetime contribution limits for Roth IRAs.

Budget and Finance

https://apps.azleg.gov/BillStatus/BillOverview/84250