AR legislature works to make college savings plan follow new tax - KAIT Jonesboro, AR - Region 8 News, weather, sports

AR legislature works to make college savings plan follow new tax law

(Source: AP Graphics Bank) (Source: AP Graphics Bank)
(KAIT/KARK) -

Before Arkansas high school seniors become Razorbacks, Bears, or Red Wolves, their parents can save up money through the state's 529 plan.

According to KARK, the program lets families withdraw their investments tax free as long as they're spent on higher education expenses like tuition and room and board.

But the new federal tax plan now allows parents to withdraw money ahead of time for private elementary and high school costs.

If lawmakers approve the change, it would fall on the state treasury department.

Senator Jason Rapert believes many Arkansas families will wait to use the money for college but says at least they have the option.

"There's really no reason to prevent people from having greater access for their families," Rapert said.

At the same committee held Thursday, lawmakers introduced a handful of other amendments concerning Department of Human Services, Arkansas State Police, UAMS and more.

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