Arizona's education savings plan; revisions
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill revises Arizona’s education savings plan, AZ529, by clarifying definitions related to accounts, account owners, designated beneficiaries, and qualified higher education expenses. It outlines procedures for opening, maintaining, and transferring accounts, including rules regarding contribution limits and beneficiary changes. The bill also addresses rollover options and potential transfers to ABLE accounts, with specific timelines and conditions.
Key provisions
- Defines key terms related to AZ529, including ‘Account,’ ‘Account Owner,’ and ‘Designated Beneficiary.’
- Establishes rules for contribution limits to prevent exceeding qualified higher education expenses.
- Allows for changes in designated beneficiaries under specific circumstances.
- Outlines procedures for transferring accounts to other family members.
- Details rollover options to ABLE accounts with specific timelines and conditions.
- Clarifies the definition of ‘Qualified Higher Education Expenses’ to include expenses for apprenticeships and computer equipment.
- Addresses reporting requirements to the IRS and account owners.
- Provides for the possibility of scholarships being funded through accounts held by state or local governments or organizations described in section 501(c)(3).
Who is affected
- Parents and guardians saving for higher education.
- Students and prospective students.
Bill text
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Sponsors
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1 on record
Primary sponsor
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