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26-51-448. Educational individual retirement accounts.

Arkansas Code — all titles (historical 2020) · legal_authorities

26-51-448. Educational individual retirement accounts.

26-51-448. Educational individual retirement accounts. (a) Title 26 U.S.C. § 530, as in effect on January 2, 2013, relating to educational individual retirement accounts, is adopted for the purpose of computing Arkansas income tax liability. (b) Any additional tax or penalty imposed by this section shall be ten percent (10%) of the amount of any additional tax or penalty provided in the federal income tax law adopted by this section.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-51-448

Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.

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Stable record: arkansas_code:legal_authorities:26-51-448
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f852bf52ba1ac7151797ae8c507df1a898912fb4139c1815c704599f119715e1

Source location: content.xml paragraph 13108

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 530 — Coverdell education savings accounts

**(a) General rule** A Coverdell education savings account shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, the Coverdell education savings account shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). **(b) Definitions and special rules** For purposes of this section— (1) **Coverdell education savings account** — The term “Coverdell education savings account” means a trust created or organized in the United States exclusively for the purpose of paying the qualified education expenses of an individual who is the designated beneficiary of the trust (and designated as a Coverdell education savings account at the time created or organized), but only if the written governing instrument creating the trust meets the following requirements: (A) No contribution will be accepted— (i) unless it is in cash, (ii) after the date on which such beneficiary attains age 18, or (iii) except in the case of rollover contributions, if such contribution would result in aggregate contributions for the taxable year exceeding $2,000. (B) The trustee is a bank (as defined in section 408(n)) or another person who demonstrates to the satisfaction of the Secretary that the manner in which that person will administer the trust will be consistent with the requirements of this section or who has so demonstrated with respect to any individual retirement plan. (C) No part of the trust assets will be invested in life insurance contracts. (D) The assets of the trust shall not be commingled with other property except in a common trust fund or common investment fund. (E) Except as provided in subsection (d)(7), any balance to the credit of the des

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 530

Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 530. This identifies an authority to review, not proof of applicability.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 530 — Coverdell education savings accounts

Page 1743 TITLE 26—INTERNAL REVENUE CODE § 530 Subsec. (d)(4). Pub. L. 114–113, § 303(c)(1), substituted ‘‘section 103’’ for ‘‘section 4’’. Subsec. (e)(7). Pub. L. 114–113, § 303(b)(2), struck out par. (7). Text read as follows: ‘‘The term ‘contracting State’ means a State without a qualified ABLE pro- gram which has entered into a contract with a State with a qualified ABLE program to provide residents of the contracting State access to a qualified ABLE pro- gram.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2022 AMENDMENT Pub. L. 117–328, div. T, title I, § 124(b), Dec. 29, 2022, 136 Stat. 5314, provided that: ‘‘The amendments made by this section [amending this section] shall apply to tax- able years beginning after December 31, 2025.’’ EFFECTIVE DATE OF 2018 AMENDMENT Amendment by section 101(o) of Pub. L. 115–141 effec- tive as if included in the provision of the Protecting Americans from Tax Hikes Act of 2015, div. Q of Pub. L. 114–113, to which such amendment relates, see section 101(s) of Pub. L. 115–141, set out as a note under section 24 of this title. EFFECTIVE DATE OF 2017 AMENDMENT Amendment by Pub. L. 115–97 applicable to taxable years beginning after Dec. 22, 2017, see section 11024(c) of Pub. L. 115–97, set out as a note under section 25B of this title. EFFECTIVE DATE OF 2015 AMENDMENT Pub. L. 114–113, div. Q, title III, § 303(d), Dec. 18, 2015, 129 Stat. 3087, provided that: ‘‘The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2014.’’ EFFECTIVE DATE Section applicable to taxable years beginning after Dec. 31, 2014, see section 102(f)(1) of Pub. L. 113–295, set out as an Effective Date of 2014 Amendment note under section 552a of Title 5, Gover

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 530

Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 530. This identifies an authority to review, not proof of applicability.