(a) (1) The Revenue Division of the Department of Finance and Administration shall include on the Arkansas individual income tax forms, including those forms on which a husband and wife file separately on the same form, a designation as follows:
"If you are entitled to a refund, check if you wish to designate [] $25, [] $50, [] $100, [] _______ (write in amount) or [] all of your tax refund to an Arkansas Tax-Deferred Tuition Savings Program account. Your refund will be reduced by this amount.".
(2) The Arkansas Tax-Deferred Tuition Savings Program account must already be in existence at the time the election in subdivision (a)(1) of this section is made, and the pertinent information regarding the Arkansas Tax-Deferred Tuition Savings Program account must be provided to the Department of Finance and Administration so that the deposit can be correctly made.
(b) The Arkansas Tax-Deferred Tuition Savings Program check-off program on state income tax returns shall be effective beginning with the returns for the 2009 tax year and each subsequent tax year.
(c) The Director of the Department of Finance and Administration shall promulgate rules and develop all income tax forms, returns, and schedules necessary to implement this section.
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