Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate committee clears a string of tax and finance bills including 529 rollover, ABLE updates and lease-tax changes
Summary
The Senate Revenue & Tax Committee advanced a set of bills covering 529-to-Roth rollovers, ABLE accounts, teacher deductions, aircraft sales/use tax clarifications, motor-vehicle lease tax caps and procedural rulemaking for complex assessments; all measures passed on voice votes.
The Senate Revenue & Tax Committee voted to advance several bills addressing tax administration, education savings accounts and other financial matters. Committee members moved through a supplemental slate of measures; all were approved on voice votes with individual sponsors answering brief questions.
Key measures the committee passed included:
- House Bill 1085 (Representative Carolyn Brown): Conforms Arkansas' 529 plan rules (the Arkansas Brighter Future Plan) with recent federal guidance so account owners may roll unused 529 funds into a Roth IRA for a named beneficiary, subject to annual limits and a lifetime rollover cap of $35,000. Representative Brown…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
