Arkansas panel endorses change to college savings plan - KAIT Jonesboro, AR - Region 8 News, weather, sports

Arkansas panel endorses change to college savings plan

(Source: AP Graphics Bank) (Source: AP Graphics Bank)

LITTLE ROCK, Ark. (AP) - Arkansas lawmakers have advanced a proposal to allow taxpayers with tax-deductible 529 college savings plans to withdraw funds for tuition at public, private and religious K-12 schools.

A legislative subcommittee on Wednesday recommended including the change in a budget bill for the state treasurer's office. The proposal now heads to the Joint Budget Committee.

Republican Sen. Jason Rapert says the measure is intended to mirror a change in federal tax law that was recently enacted. The state finance department estimated the change could reduce state revenue by as much as $5.2 million a year if every private school family took full advantage of the 529 plan.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly