529 PLANS

529 News

Arkansas creates deduction for 529 contributions

(April 14, 2005) - Arkansas has enacted a state income tax deduction for contributions to its 529 savings program, the GIFT College Investing Plan. Contributions of up to $5,000 per taxpayer per year may be deducted from Arkansas taxable income, beginning with the 2005 tax year. Deductions must be added back to income ("recaptured") upon subsequent nonqualified withdrawal or rollover to another state 529 plan.

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