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AZ SB1349
Bill
Status
5/22/2019
Primary Sponsor
David Livingston
Click for details
AI Summary
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Changes the title of Arizona Revised Statutes title 15, chapter 14, article 7 from "College Savings Plan" to "Family College Savings Program."
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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.
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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.
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Clarifies that designated beneficiaries and account owners cannot direct investments, and modifies language regarding family member definitions and contribution requirements.
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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