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AR HB1802
Bill
Status
4/5/2017
Primary Sponsor
Robin Lundstrum
Click for details
AI Summary
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Allows Arkansas taxpayers to deduct contributions to tax-deferred tuition savings programs (529 plans) established by another state from their Arkansas income tax, effective for tax years beginning on or after January 1, 2017.
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Limits deductible contributions to other states' 529 programs to $3,000 per taxpayer per tax year.
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Prohibits taxpayers from deducting contributions to another state's 529 program if the contribution was already deducted on another state's income taxes.
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Sets deductible contribution limits at $5,000 per year for Arkansas tuition savings accounts and $7,500 per year for rollovers from other states' 529 programs into Arkansas accounts.
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Approved April 4, 2017.
Legislative Description
To Allow Contributions By An Arkansas Taxpayer To A Tax-deferred Tuition Savings Program Established By Another State To Be Deducted From A Taxpayer's Income Tax.
Last Action
Notification that HB1802 is now Act 883
4/5/2017