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House Education committee pauses HB1085 to await fiscal impact on 529-to-Roth rollover
Summary
Lawmakers heard testimony that HB 1085 would allow unused funds in Arkansas— Brighter Future 529 accounts to roll into a Roth IRA. The Department of Finance and Administration said the change will reduce state revenue; committee members voted to postpone consideration until a fiscal impact statement is completed.
House Education Committee members on Tuesday heard testimony on HB 1085, a bill that would allow unused money from Arkansas— Brighter Future 529 college-savings accounts to be rolled into a Roth IRA for the same beneficiary.
The bill—s sponsor, Representative Carolyn Brown, told the committee the change would "bring Arkansas into sync with the federal 529 plan" and described the state—s Brighter Future account as "doing quite well," saying "we distributed $55,000,000 last year for higher education from 529 plan." Brown described the rollover to a Roth…
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