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AR SB422
Bill
Status
4/14/2025
Primary Sponsor
Clarke Tucker
Click for details
AI Summary
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Nonprofit organizations (501(c)(3) charitable organizations) may now establish and contribute to Arkansas Brighter Future Fund Plan (529) accounts for designated beneficiaries or identifiable groups of beneficiaries
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The definition of "account owner" is expanded to include nonprofits, giving them authority to select or change beneficiaries and manage account distributions
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Nonprofits establishing accounts for individual beneficiaries must present parents or guardians with an option to voluntarily decline the account and any contributions
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The Treasurer of State must establish a system to collect personally-identifiable information (including Social Security numbers and dates of birth) needed to open accounts while protecting confidentiality of that information
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Approved April 14, 2025 as Act 615 of the Regular Session
Legislative Description
To Allow Nonprofit Organizations To Contribute To A New Or Existing Arkansas Brighter Future Fund Plan Account; And To Require The Treasurer Of State To Facilitate Contributions By A Nonprofit Organization.
Last Action
Notification that SB422 is now Act 615
4/14/2025