AR HB1509

Changes the official name of the program from "Arkansas Tax-Deferred Tuition Savings Program Act" to "Arkansas Brighter Future Fund Plan Act" throughout state law.

Updates all references to federal Section 529 qualified tuition program rules from January 1, 2018 to January 1, 2020 to reflect recent changes in the Internal Revenue Code.

Allows rollovers from 529 plans into ABLE accounts (tax-advantaged savings accounts for individuals with disabilities) before January 1, 2026, subject to contribution limitations.

Establishes tax deduction limits for contributions: up to $5,000 per taxpayer annually for the Arkansas plan, $3,000 for other states' plans, and $7,500 for out-of-state plans that are rolled into the Arkansas plan.

Permits taxpayers to restrict deductions to the Arkansas plan if they have contributed to both the state plan and other states' plans in the same tax year.