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Key Votes

HB 1008 - Expands Tuition Savings Plan - Arkansas Key Vote

Mike Holcomb Did Not Vote on this Legislation.

Read statements Mike Holcomb made in this general time period.

Timeline

Issues Related to HB 1008

Stage Details

Legislation - Signed (Executive) -

Title: Expands Tuition Savings Plan

Legislation - Bill Passed (Senate) (22-5) - (Key vote)
See How Your Politicians Voted

Title: Expands Tuition Savings Plan

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that expand the 529 college tuition savings program.

Highlights:

 

  • Authorizes that beginning January 1, 2018, all contributions made to a tuition savings account established under the state 529 program may be deducted from the taxpayer’s adjusted gross income (Sec. 4).

  • Prohibits a taxpayer from deducting a contribution to a tax-deferred tuition savings program established by another state if the taxpayer deducted the contribution in another states income taxes (Sec. 4).

  • Specifies that the deductible contributions for a tuition savings account established under this act shall not exceed $5,000 per taxpayer in any tax year and authorizes that any amount that exceeds the limitation may be carried forward to the next succeeding 4 tax years (Sec. 4).

  • Specifies that the deductible contribution amount for a tax-deferred tuition savings program implemented by another state shall not exceed $3,000 and authorizes that any deductible contribution rolled into a 529 state tuition savings account shall not exceed $7,500 per taxpayer (Sec. 4).

Legislation - Bill Passed (House) (62-16) - (Key vote)
See How Your Politicians Voted

Title: Expands Tuition Savings Plan

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that expand the 529 college tuition savings program.

Highlights:

 

  • Authorizes that beginning January 1, 2018, all contributions made to a tuition savings account established under the state 529 program may be deducted from the taxpayer’s adjusted gross income (Sec. 4).

  • Prohibits a taxpayer from deducting a contribution to a tax-deferred tuition savings program established by another state if the taxpayer deducted the contribution in another states income taxes (Sec. 4).

  • Specifies that the deductible contributions for a tuition savings account established under this act shall not exceed $5,000 per taxpayer in any tax year and authorizes that any amount that exceeds the limitation may be carried forward to the next succeeding 4 tax years (Sec. 4).

  • Specifies that the deductible contribution amount for a tax-deferred tuition savings program implemented by another state shall not exceed $3,000 and authorizes that any deductible contribution rolled into a 529 state tuition savings account shall not exceed $7,500 per taxpayer (Sec. 4).

Legislation - Introduced (House) -

Title: Expands Tuition Savings Plan

Sponsors

  • Jeremy Gillam (AR - R) (Out Of Office)
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