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House Education Committee approves bill to let unused Arkansas 529 funds roll into Roth-style accounts; $190,000 GR impact cited
Summary
The House Education Committee passed HB1085 as amended to allow Arkansas 529 account owners to roll unused, after-tax funds into a Roth IRA–style vehicle. State finance staff told the committee the change will reduce general revenue by about $190,000.
The House Education Committee voted to pass HB1085 as amended, allowing owners of Arkansas 529 education savings accounts to divert unused, after-tax funds into a Roth IRA–style rollover instead of triggering a taxable distribution.
The change was presented by Representative Brown during the committee’s meeting. Representative Brown said the bill would align treatment for leftover 529 funds with a Roth-style rollover, and told the committee, “the Arkansas 529 plan is the fourth rated fourth highest rated 529 plan in the country. So I think that's that's pretty magnificent. Our contributions are considerable.”
Committee members focused on the bill’s fiscal effect.…
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