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AZ SB1236

Bill

Status

Passed

4/7/2021

Primary Sponsor

Vince Leach

Click for details

Origin

Senate

Fifty-fifth Legislature - First Regular Session (2021)

AI Summary

  • 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.

  • 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.

  • Maintains all existing program requirements and operations, including account establishment, contribution rules, qualified higher education expense definitions, and investment management through financial institution contractors.

  • 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.

  • 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

Committee Referrals

Rules3/9/2021
Education3/4/2021
Rules1/21/2021
Education Accountability and Reform1/20/2021

Full Bill Text

No bill text available