§ 6-84-112. Limitation on liability
Neither the Arkansas Tax-Deferred Tuition Savings Program, the Section 529 Plan Review Committee and each of its members, nor the state shall insure any account or guarantee any rate of return or any interest rate on any contribution, nor shall they or any one of them be liable for any loss incurred by any person […]
§ 6-84-113. Liberal construction
This chapter shall be liberally construed to comply with the requirements of 26 U.S.C. § 529, as in effect on January 1, 2018.
§ 6-84-114. Aspiring Scholars Matching Grant Program
(a) The Section 529 Plan Review Committee shall develop and implement a pilot program to be known as the “Aspiring Scholars Matching Grant Program” that uses available administrative funds to match a contribution made into an account for a designated beneficiary under this subchapter. (b) (1) An advisory committee shall advise the Section 529 Plan […]
§ 6-84-109. Account withdrawals
(a) Withdrawal from an account may be made on thirty (30) days’ written notice by the account owner to the Section 529 Plan Review Committee or on shorter notice as the committee may by rule provide. (b) (1) An account withdrawal paid to or for the benefit of any person during any calendar year shall […]
§ 6-84-110. Prohibitions
(a) (1) Total contributions to all accounts established on behalf of a particular designated beneficiary in excess of those reasonably necessary to meet the designated beneficiary’s qualified higher education expenses are prohibited. (2) An employer matching contribution to the account of an employee with an account established under this chapter shall not exceed five hundred […]
§ 6-84-111. Funds exempt from tax — Definitions
(a) (1) Except as otherwise indicated in this chapter, interest, dividends, and capital gains from funds invested in the Arkansas Tax-Deferred Tuition Savings Program or a tax-deferred tuition savings program established by another state under 26 U.S.C. § 529, as in effect on January 1, 2018, shall be exempt from Arkansas income taxes. (2) For […]
§ 6-84-101. Title
This chapter shall be known and may be cited as the “Arkansas Tax-Deferred Tuition Savings Program Act”.
§ 6-84-102. Purpose
It is the intent and purpose of this chapter to create and establish the Arkansas Tax-Deferred Tuition Savings Program pursuant to 26 U.S.C. § 529, as in effect on January 1, 2018, to be administered by the Section 529 Plan Review Committee through the adoption of rules for the administration of the program.
§ 6-84-103. Definitions
As used in this chapter: (1) “Account” means an account established in accordance with this chapter; (2) “Account owner” means the person who, under this chapter or the rules promulgated by the Section 529 Plan Review Committee, is entitled to select or change the designated beneficiary of an account, to designate any person other than […]
§ 6-84-104. Creation of the Arkansas Tax-Deferred Tuition Savings Program Trust
(a) There is created the Arkansas Tax-Deferred Tuition Savings Program Trust. (b) The cotrustees of the trust shall be the Director of the Division of Higher Education, the Executive Director of the Arkansas Teacher Retirement System, and the Treasurer of State.