Arkansas House Rejects Savings PlanApril 6, 2017 | :
by Associated Press
LITTLE ROCK, Ark. — Arkansas lawmakers have rejected a proposal for a program allowing parents to create savings accounts to pay for their children’s education. The House voted 50-43 against the bill on March 31.
Low-income students and children of military families would have been given priority in access to the funds.
As part of the four-year pilot program, organizations could apply to become nonprofits and create education savings accounts. Parents of eligible students in non-public schools, such as low-income students, would be allowed to use the money for expenses such as tuition.
Donations to the nonprofits for the savings accounts would be eligible for a 65 percent tax credit.