AR SB6

Updates all references to federal tax law (26 U.S.C. § 529) from January 1, 2017 to January 1, 2018 to reflect current federal regulations governing the Arkansas Tax-Deferred Tuition Savings Program.

Adds new rollover provision allowing transfers from 529 tuition savings accounts into ABLE accounts (tax-advantaged savings accounts for individuals with disabilities) before January 1, 2026, subject to annual contribution limits.

Establishes new tax deduction rules for tax years beginning January 1, 2018, permitting $5,000 annual deduction for Arkansas tuition savings accounts and $3,000 for out-of-state programs, with unused amounts carried forward up to four years.

Allows rollovers from out-of-state 529 programs into Arkansas accounts up to $7,500 per taxpayer in the year rolled over, with restrictions on deducting contributions previously deducted in other states.

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