HB 1008 - Expands Tuition Savings Plan - Arkansas Key Vote
John Payton voted Yea (Passage) on this Legislation.
Timeline
- Executive Signed
- March 19, 2018
- Senate Bill Passed
- March 15, 2018
- House Bill Passed
- March 14, 2018
- Introduced
- March 13, 2018
Related Issues
Stage Details
Title: Expands Tuition Savings Plan
Signed by Governor Asa Hutchinson
Title: Expands Tuition Savings Plan
Vote Smart's Synopsis:
Vote to pass a bill that expand the 529 college tuition savings program.
Highlights:
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Authorizes that beginning January 1, 2018, all contributions made to a tuition savings account established under the state 529 program may be deducted from the taxpayer’s adjusted gross income (Sec. 4).
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Prohibits a taxpayer from deducting a contribution to a tax-deferred tuition savings program established by another state if the taxpayer deducted the contribution in another states income taxes (Sec. 4).
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Specifies that the deductible contributions for a tuition savings account established under this act shall not exceed $5,000 per taxpayer in any tax year and authorizes that any amount that exceeds the limitation may be carried forward to the next succeeding 4 tax years (Sec. 4).
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Specifies that the deductible contribution amount for a tax-deferred tuition savings program implemented by another state shall not exceed $3,000 and authorizes that any deductible contribution rolled into a 529 state tuition savings account shall not exceed $7,500 per taxpayer (Sec. 4).
Title: Expands Tuition Savings Plan
Vote Smart's Synopsis:
Vote to pass a bill that expand the 529 college tuition savings program.
Highlights:
-
Authorizes that beginning January 1, 2018, all contributions made to a tuition savings account established under the state 529 program may be deducted from the taxpayer’s adjusted gross income (Sec. 4).
-
Prohibits a taxpayer from deducting a contribution to a tax-deferred tuition savings program established by another state if the taxpayer deducted the contribution in another states income taxes (Sec. 4).
-
Specifies that the deductible contributions for a tuition savings account established under this act shall not exceed $5,000 per taxpayer in any tax year and authorizes that any amount that exceeds the limitation may be carried forward to the next succeeding 4 tax years (Sec. 4).
-
Specifies that the deductible contribution amount for a tax-deferred tuition savings program implemented by another state shall not exceed $3,000 and authorizes that any deductible contribution rolled into a 529 state tuition savings account shall not exceed $7,500 per taxpayer (Sec. 4).
Title: Expands Tuition Savings Plan