529 News

Recent State News

IL adds ABLE tax deduction

Illinois residents can now claim a tax deduction for up to $10,000 of contributions to qualified ABLE accounts for tax years beginning on or after January 1, 2018 before January 1, 2023.

Arkansas launches 529 GIFT Plan smartphone app

The new Arkansas GIFT Plan smartphone app allows users to check account balances, view transaction history, set up alerts, get the latest plan news and allow the plan to share important information with account owners.Those who download the app between July 1, 2018 and September 3, 2018 will be entered for a chance to win a $4,500 Disney vacation package. Learn more at www.arkansas529.org

California now excludes 529 plan assets when determining Medi-Cal eligibility

AB 1785 was signed by the Governor of California on July 18,2018. This legislation excludes the principal and interest of a 529 savings plan and qualified distributions from a 529 savings plan from consideration for purposes of any asset or resources or income test to determine eligibility for Medi-Cal benefits.

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