AR HB1008

Updates all references to federal tax code 26 U.S.C. § 529 from January 1, 2017 to January 1, 2018 throughout the Arkansas Tax-Deferred Tuition Savings Program Act.

Adds new rollover provision allowing distributions from 529 accounts to be transferred to ABLE accounts (26 U.S.C. § 529A) before January 1, 2026, with restrictions on amounts that can be contributed to the ABLE account in the same taxable year.

Adds new tax deduction provisions for tax years beginning January 1, 2018 allowing up to $5,000 in annual contributions to Arkansas 529 accounts and up to $3,000 for other states' 529 accounts to be deducted from adjusted gross income.

Allows rollover of contributions from other states' 529 programs into Arkansas accounts with a deduction limit of $7,500 per taxpayer in the rollover tax year.

Effective for tax years beginning on or after January 1, 2018.