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AZ SB1236
Bill
Status
4/7/2021
Primary Sponsor
Vince Leach
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AI Summary
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Changes the name of the "Family College Savings Program" to "AZ529, Arizona's Education Savings Plan" throughout Arizona Revised Statutes sections 15-1871 through 15-1879, 35-311, 41-172, and 41-179.
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Establishes an advisory committee appointed by the state treasurer to promote AZ529 awareness, with emphasis on reaching economically disadvantaged, minority, and underrepresented student populations; committee includes representatives from community colleges, universities, private institutions, teachers, Indian tribes, apprenticeship programs, and public members.
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Maintains all existing program requirements and operations, including account establishment, contribution rules, qualified higher education expense definitions, and investment management through financial institution contractors.
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Adds provision allowing account owners to roll over up to $15,000 to an ABLE account (Achieving a Better Life Experience Act account) through December 31, 2025.
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Makes the advisory committee terminate on July 1, 2028 pursuant to Arizona's statutory sunset provision.
Legislative Description
College savings program; name change
Name Change
Last Action
Chapter 188
4/7/2021