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AZ SB1349

Bill

Status

Passed

5/22/2019

Primary Sponsor

David Livingston

Click for details

Origin

Senate

Fifty-fourth Legislature - First Regular Session (2019)

AI Summary

  • Changes the title of Arizona Revised Statutes title 15, chapter 14, article 7 from "College Savings Plan" to "Family College Savings Program."

  • Expands the definition of "qualified higher education expenses" to include tuition for elementary and secondary public, private, or religious schools, and computer equipment/software for use during postsecondary enrollment.

  • Adds new provision allowing account owners to roll over up to $15,000 from a family college savings program account to an ABLE account (Achieving a Better Life Experience account) through December 31, 2025.

  • Clarifies that designated beneficiaries and account owners cannot direct investments, and modifies language regarding family member definitions and contribution requirements.

  • Makes technical corrections to statutory language, including updates to formatting and terminology regarding onetime fees and account management procedures.

Legislative Description

Family college savings program

Education

Last Action

Chapter 251

5/22/2019

Full Bill Text

No bill text available