Arkansas ~ Corporate, Personal Income Taxes: Achieving a Better Life Experience Program Exemption Added

Interest, dividends and capital gains from funds invested in the Achieving a Better Life Experience Program (program) are exempt from Arkansas corporate and personal income taxes. A qualified distribution from a disability savings account is exempt with respect to the designated beneficiary’s income. However, a nonqualified distribution is subject to tax to the party, account owner, or designated beneficiary who actually makes the withdrawal. Earnings on a contribution that are included in a refund are taxable if the account owner receives a refund of contributions to the account because (1) of the death or disability of the beneficiary or (2) the beneficiary receives a scholarship, allowance or payment described in IRC §135(d)(1)(B) or (C). The law provides applicable definitions. The program becomes effective when the treasurer determines that federal regulations regarding the program as provided under the Tax Increase Prevention Act of 2014 (Pub. L. No. 113-295) have been finalized and provide the guidance necessary to implement the program.

Act 1238 (H.B. 1239), Laws 2015, effective as noted above

 

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Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

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