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AR HB1075

Bill

Official Source

Status

Passed

4/9/2019

Primary Sponsor

Julie Mayberry

Click for details

Origin

House of Representatives

92nd General Assembly (2019 Regular)

AI Summary

  • Allows taxpayers to deduct contributions to disability savings accounts (ABLE accounts) from adjusted gross income for Arkansas income tax purposes under § 26-51-403(b)
  • Limits the annual deduction to $5,000 per taxpayer per tax year
  • Requires recapture of previously deducted contributions if the taxpayer takes a nonqualified distribution from the account or rolls it over to another state's or institution's tax-deferred savings program under 26 U.S.C. § 529A
  • Recapture is calculated by adding the previously deducted amount (not exceeding the nonqualified distribution amount) back to adjusted gross income in the year the distribution occurs
  • Effective for tax years beginning on or after January 1, 2019

Legislative Description

To Amend The Achieving A Better Life Experience Program Act; And To Provide For An Income Tax Deduction For Contributions To A Disability Savings Account.

Last Action

Notification that HB1075 is now Act 825

4/9/2019

Committee Referrals

Revenue & Taxation4/1/2019
Revenue and Taxation1/14/2019

Full Bill Text

No bill text available