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6-84-103. Definitions.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-84-103. Definitions.
As used in this chapter:
(1) “Account” means an account established in accordance with this chapter;
(2) “Account owner” means the person who, under this chapter or the rules promulgated by the Section 529 Plan Review Committee, is entitled to select or change the designated beneficiary of an account, to designate any person other than the designated beneficiary to whom funds may be paid from the account, or to receive distributions from the account if no other person is designated;
(3) “Act” means the Arkansas Tax-Deferred Tuition Savings Program Act, § 6-84-101 et seq.;
(4)(A) “Arkansas Tax-Deferred Tuition Savings Program Trust” or “trust” means the trust created under § 6-84-104.
(B) Participation in the trust shall be open to Arkansas residents and nonresidents alike;
(5) “Committee” means the Section 529 Plan Review Committee, provided for in § 6-84-105, which shall oversee the administration of the Arkansas Tax-Deferred Tuition Savings Program and ensure that the program complies with the provisions of this chapter and acts in accordance with 26 U.S.C. § 529, as in effect on January 1, 2018;
(6) “Contribution” means:
(A) Any payment directly allocated to an account for the benefit of a designated beneficiary or used to pay administrative fees associated with an account; and
(B) That portion of any rollover amount treated as a contribution under 26 U.S.C. § 529, as in effect on January 1, 2018;
(7) “Contributor” means any person making a contribution to an account;
(8) “Designated beneficiary” means, except as provided in § 6-84-108, the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified higher education expenses or, if the designat
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-84-103
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:6-84-103
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: cfbf04af42cf3a92f8e46b77b39520632612e19ee1957d74cd056d43058ee551
Source location: content.xml paragraph 45399
Stored source content
6-84-103. Definitions.
As used in this chapter:
(1) “Account” means an account established in accordance with this chapter;
(2) “Account owner” means the person who, under this chapter or the rules promulgated by the Section 529 Plan Review Committee, is entitled to select or change the designated beneficiary of an account, to designate any person other than the designated beneficiary to whom funds may be paid from the account, or to receive distributions from the account if no other person is designated;
(3) “Act” means the Arkansas Tax-Deferred Tuition Savings Program Act, § 6-84-101 et seq.;
(4)(A) “Arkansas Tax-Deferred Tuition Savings Program Trust” or “trust” means the trust created under § 6-84-104.
(B) Participation in the trust shall be open to Arkansas residents and nonresidents alike;
(5) “Committee” means the Section 529 Plan Review Committee, provided for in § 6-84-105, which shall oversee the administration of the Arkansas Tax-Deferred Tuition Savings Program and ensure that the program complies with the provisions of this chapter and acts in accordance with 26 U.S.C. § 529, as in effect on January 1, 2018;
(6) “Contribution” means:
(A) Any payment directly allocated to an account for the benefit of a designated beneficiary or used to pay administrative fees associated with an account; and
(B) That portion of any rollover amount treated as a contribution under 26 U.S.C. § 529, as in effect on January 1, 2018;
(7) “Contributor” means any person making a contribution to an account;
(8) “Designated beneficiary” means, except as provided in § 6-84-108, the individual designated at the time the account is opened as having the right to receive a qualified withdrawal for the payment of qualified higher education expenses or, if the designated beneficiary is replaced in accordance with § 6-84-108, the replacement;
(9) “Higher education institution” means an eligible education institution as defined in 26 U.S.C. § 135(c)(3), as in effect on January 1, 2018;
(10) “Member of the family” shall have the same meaning as is contained in 26 U.S.C. § 529, as in effect on January 1, 2018;
(11) “Nonqualified withdrawal” means a withdrawal from an account that is not:
(A) A qualified withdrawal;
(B) A withdrawal made as the result of the death or disability of the designated beneficiary;
(C) A withdrawal made as the result of a scholarship, allowance, or payment described in 26 U.S.C. § 135(d)(1)(B) or (d)(1)(C), as in effect on January 1, 2018, received by the designated beneficiary but only to the extent of the amount of the scholarship, allowance, or payment; or
(D) A rollover or change in the designated beneficiary;
(12) “Person” means a person as defined in 26 U.S.C. § 529, as in effect on January 1, 2018;
(13) “Program” means the Arkansas Tax-Deferred Tuition Savings Program established by this chapter;
(14) “Qualified higher education expenses” means tuition and other permitted expenses as set forth in 26 U.S.C. § 529, as in effect on January 1, 2018, for the enrollment or attendance of a designated beneficiary;
(15) “Qualified tuition program” means a qualified tuition program as defined in 26 U.S.C. § 529, as in effect on January 1, 2018;
(16) “Qualified withdrawal” means a withdrawal from an account to pay the qualified higher education expenses of the designated beneficiary but only if the withdrawal is made in accordance with the requirements of the program; and
(17) “Rollover” means a disbursement or transfer from an account that is transferred to or deposited within sixty (60) calendar days of the transfer:
(A) Into an account of the same person for the benefit of the same designated beneficiary;
(B) To the credit of another person as a designated beneficiary if the transferee account was created under this chapter or under another qualified tuition program maintained in accordance with 26 U.S.C. § 529, as in effect on January 1, 2018; or
(C)(i) Before January 1, 2026, into an ABLE account under 26 U.S.C. § 529A(e)(6), as in effect on January 1, 2018, of the designated beneficiary or a member of the family of the designated beneficiary.
(ii) Subdivision (17)(C)(i) of this section does not apply to so much of a distribution which, when added to all other contributions made to the ABLE account for the taxable year, exceeds the limitation under 26 U.S.C. § 529A(b)(2)(B)(i), as in effect on January 1, 2018.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of an individual who pays qualified higher education expenses during the taxable year, no amount shall be includible in gross income by reason of the redemption during such year of any qualified United States savings bond.
**(b) Limitations**
(1) **Limitation where redemption proceeds exceed higher education expenses**
(A) *In general* — If—
(i) the aggregate proceeds of qualified United States savings bonds redeemed by the taxpayer during the taxable year exceed
(ii) the qualified higher education expenses paid by the taxpayer during such taxable year,
the amount excludable from gross income under subsection (a) shall not exceed the applicable fraction of the amount excludable from gross income under subsection (a) without regard to this subsection.
(B) *Applicable fraction* — For purposes of subparagraph (A), the term “applicable fraction” means the fraction the numerator of which is the amount described in subparagraph (A)(ii) and the denominator of which is the amount described in subparagraph (A)(i).
(2) **Limitation based on modified adjusted gross income**
(A) *In general* — If the modified adjusted gross income of the taxpayer for the taxable year exceeds $40,000 ($60,000 in the case of a joint return), the amount which would (but for this paragraph) be excludable from gross income under subsection (a) shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which would be so excludable as such excess bears to $15,000 ($30,000 in the case of a joint return).
(B) *Inflation adjustment* — In the case of any taxable year beginning in a calendar year after 1990, the $40,000 and $60,000 amounts contained in subparagraph (A) shall be increased by an amount equal to—
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 135
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 135. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 612
TITLE 26—INTERNAL REVENUE CODE
§ 135
Subsec. (b)(3)(C). Pub. L. 108–121, § 102(b)(1), added sub-
par. (C).
Subsec. (b)(4). Pub. L. 108–121, § 106(a), added par. (4).
1988—Subsec. (b)(1). Pub. L. 100–647, § 1011B(f)(2)(A),
inserted ‘‘(other than personal use of a vehicle)’’ after
‘‘in-kind benefit’’ in introductory text.
Subsec. (b)(1)(B). Pub. L. 100–647, § 1011B(f)(1), sub-
stituted ‘‘, regulation, or administrative practice’’ for
‘‘or regulation thereunder’’.
Subsec. (b)(3)(A). Pub. L. 100–647, § 1011B(f)(3), struck
out ‘‘under any provision of law or regulation described
in paragraph (1)’’ after ‘‘September 9, 1986,’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2008 AMENDMENT
Pub. L. 110–245, title I, § 112(b), June 17, 2008, 122 Stat.
1635, provided that: ‘‘The amendment made by this sec-
tion [amending this section] shall apply to payments
made before, on, or after the date of the enactment of
this Act [June 17, 2008].’’
EFFECTIVE DATE OF 2004 AMENDMENT
Pub. L. 108–375, div. A, title V, § 585(b)(3), Oct. 28, 2004,
118 Stat. 1932, provided that: ‘‘The amendments made
by this subsection [amending this section and sections
3121, 3306, and 3401 of this title] shall apply to travel
benefits provided after the date of the enactment of
this Act [Oct. 28, 2004].’’
EFFECTIVE DATE OF 2003 AMENDMENT
Pub. L. 108–121, title I, § 102(b)(3), Nov. 11, 2003, 117
Stat. 1337, provided that: ‘‘The amendments made by
this subsection [amending this section] shall apply
with respect to deaths occurring after September 10,
2001.’’
Pub. L. 108–121, title I, § 106(c), Nov. 11, 2003, 117 Stat.
1339, provided that: ‘‘The amendments made by this
section [amending this section and sections 3121, 3306,
and 3401 of this title] shall apply to ta
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 135
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 135. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** A qualified tuition program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations).
**(b) Qualified tuition program** For purposes of this section—
(1) **In general** — The term “qualified tuition program” means a program established and maintained by a State or agency or instrumentality thereof or by 1 or more eligible educational institutions—
(A) under which a person—
(i) may purchase tuition credits or certificates on behalf of a designated beneficiary which entitle the beneficiary to the waiver or payment of qualified higher education expenses of the beneficiary, or
(ii) in the case of a program established and maintained by a State or agency or instrumentality thereof, may make contributions to an account which is established for the purpose of meeting the qualified higher education expenses of the designated beneficiary of the account, and
(B) which meets the other requirements of this subsection.
Except to the extent provided in regulations, a program established and maintained by 1 or more eligible educational institutions shall not be treated as a qualified tuition program unless such program provides that amounts are held in a qualified trust and such program has received a ruling or determination that such program meets the applicable requirements for a qualified tuition program. For purposes of the preceding sentence, the term “qualified trust” means a trust which is created or organized in the United States for the exclusive benefit of designated beneficiaries and with respect to which the requirements of paragraphs (2) and (5)
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 529
Stored review status: release_metadata_unconfirmed. The source passage cites 26 U.S.C. § 529. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 1732
TITLE 26—INTERNAL REVENUE CODE
§ 529
sociation were a corporation and as though the home-
owners association taxable income were the taxable in-
come referred to in section 11’’ and struck out provi-
sion that for purposes of this subsection, the surtax ex-
emption provided by section 11(d) not be allowed.
Subsec. (b)(2)(B). Pub. L. 95–600, § 403(c)(2), substituted
provision related to amount being determined accord-
ing to section 1201(a) for provision requiring an amount
of 30 percent.
Subsec. (c)(2). Pub. L. 95–600, § 701(n)(1), substituted
‘‘by individuals for residences’’ for ‘‘as residences’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1997 AMENDMENT
Pub. L. 105–34, title IX, § 966(e), Aug. 5, 1997, 111 Stat.
895, provided that: ‘‘The amendments made by this sec-
tion [amending this section] shall apply to taxable
years beginning after December 31, 1996.’’
EFFECTIVE DATE OF 1980 AMENDMENT
Pub. L. 96–605, title I, § 105(b), Dec. 28, 1980, 94 Stat.
3523, provided that: ‘‘The amendment made by sub-
section (a) [amending this section] shall apply to tax-
able years beginning after December 31, 1980.’’
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment by section 301(b)(7) of Pub. L. 95–600 ap-
plicable to taxable years beginning after Dec. 31, 1978,
see section 301(c) of Pub. L. 95–600, set out as a note
under section 11 of this title.
Pub. L. 95–600, title IV, § 403(d)(3), Nov. 6, 1978, 92 Stat.
2869, provided that: ‘‘The amendments made by para-
graphs (2), (3), and (4) of subsection (c) [amending this
section and sections 857 and 904 of this title] shall take
effect on the date of the enactment of this Act [Nov. 6,
1978].’’
Pub. L. 95–600, title VII, § 701(n)(2), Nov. 6, 1978, 92
Stat. 2907, provided that: ‘‘The amendment made
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 529
Stored review status: historical_2024_not_currentness_verified. The source passage cites 26 U.S.C. § 529. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-84-101. Title.
This chapter shall be known and may be cited as the “Arkansas Tax-Deferred Tuition Savings Program Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-84-101
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. The source passage cites 6-84-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-84-104. Creation of the Arkansas Tax-Deferred Tuition Savings Program Trust.
(a) There is created the Arkansas Tax-Deferred Tuition Savings Program Trust.
(b) The cotrustees of the trust shall be the Director of the Division of Higher Education, the Executive Director of the Arkansas Teacher Retirement System, and the Treasurer of State.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-84-104
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. The source passage cites 6-84-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-84-105. Administration — Authority — Powers.
(a) This chapter shall be administered by the Section 529 Plan Review Committee, which shall be composed of:
(1) The Director of the Division of Higher Education;
(2) The Executive Director of the Arkansas Teacher Retirement System; and
(3) The Treasurer of State.
(b) The committee shall adopt such rules as it deems necessary and proper to administer this chapter and to ensure the compliance of the Arkansas Tax-Deferred Tuition Savings Program with 26 U.S.C. § 529, as in effect on January 1, 2018.
(c) The committee shall have the following powers, duties, and functions:
(1) To establish, develop, implement, and maintain the program in a manner consistent with the provisions of this chapter and 26 U.S.C. § 529, as in effect on January 1, 2018, and to obtain the benefits provided by 26 U.S.C. § 529 for the program, account owners, and designated beneficiaries;
(2) To adopt rules for the general administration of the program;
(3) To maintain, invest, and reinvest the funds contributed into the program consistent with the investment restrictions established by the committee and the standard of care described in the prudent investor rule under § 24-2-610; and
(4)(A) To make and enter into any and all contracts, agreements, or arrangements and to retain, employ, and contract for the services of financial institutions, depositories, consultants, broker dealers, investment advisors or managers, third-party plan administrators, and research, technical, and other services necessary or desirable for carrying out the purposes of this chapter.
(B) Contracts entered into by the committee may be for a term of from one (1) to ten (10) years.
(d) The Treasurer of State shall provide office space, staff, and materials
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-84-105
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. The source passage cites 6-84-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-84-108. Naming of designated beneficiary and transfers of accounts.
(a) An account owner shall have the right to name the designated beneficiary of an account and at any time to change the designated beneficiary of an account to another individual who is a member of the family of the former designated beneficiary.
(b) At the direction of an account owner, all or a portion of an account may be transferred to another account of which the designated beneficiary is a member of the family of the designated beneficiary of the transferee account if the transferee account was created by this chapter or under another qualified tuition program maintained in accordance with 26 U.S.C. § 529, as in effect on January 1, 2018.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-84-108
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. The source passage cites 6-84-108. This identifies an authority to review, not proof of applicability.