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AR HB1076
Bill
Status
2/4/2019
Primary Sponsor
Julie Mayberry
Click for details
AI Summary
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Amends Arkansas Code § 20-3-109 to allow ABLE account proceeds to be transferred upon death of a designated beneficiary to either the beneficiary's estate or to an account for another eligible individual specified by the beneficiary or estate, unless prohibited by federal law.
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Prohibits any Arkansas state agency or instrumentality from seeking payment from ABLE accounts or their proceeds under 26 U.S.C. § 529A(f) for benefits provided to a designated beneficiary.
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Approved on February 4, 2019.
Legislative Description
To Amend The Achieving A Better Life Experience Program Act; To Authorize Transfer Of Able Account Assets Following Death Of Designated Beneficiary; And To Prohibit The State From Seeking Payment From Able Account.
Last Action
Notification that HB1076 is now Act 59
2/4/2019