Arizona HB2477 revises the AZ529 education savings plan, clarifying account definitions and procedures.
Arizona HB2477 amends the AZ529 education savings plan, updating definitions and procedures. The bill specifies that account owners cannot direct investments or use account interests as loan security. It outlines rules for contributions, rollovers, and transfers, ensuring compliance with federal tax laws. The treasurer is tasked with selecting financial institutions and investment types if an account holder's institution is terminated. The board must adopt rules to prevent excess contributions and establish maximum account balances.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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