§ 37-155-15. Mississippi Prepaid Affordable College Tuition Program Trust Fund
There is hereby created a Mississippi Prepaid Affordable College Tuition Program Trust Fund (hereinafter referred to as the trust fund or the fund) to be administered by the State of Mississippi Treasury Department until and unless the Legislature shall determine otherwise. The official location of the trust fund shall be the State of Mississippi Treasury […]
§ 37-155-17. Prepaid tuition contracts; tax exclusions and deductions
Any interest, dividends or gains accruing on the payments made pursuant to a prepaid tuition contract under the terms of this article shall be excluded from the gross income of any such payor or beneficiary for purposes of the Mississippi Income Tax Law. The payor may deduct from taxable income the amount of any payments […]
§ 37-155-19. Duties of the board
In addition to any other requirements of this article the board of directors shall: Make available summary information on the financial condition of the trust fund to all purchasers of prepaid college tuition contracts; Prepare, or cause to be prepared, an annual accounting of the trust fund and transmit a copy of same to the […]
§ 37-155-21. Statement regarding status of prepaid tuition contract
The board shall furnish without charge to each purchaser an annual statement of: The amount paid by the purchaser under the prepaid tuition contract; The number of years originally covered by the contract; The number of years remaining under the contract; and Any other information the board determines by rule is necessary or appropriate. The […]
§ 37-155-23. No promise or guarantee of admission
This article is not a promise or guarantee that the beneficiary will be: Admitted to any institution of higher education; Admitted to a particular institution of higher education after admission; Allowed to continue enrollment at an institution of higher education; or Graduated from an institution of higher education.
§ 37-155-25. Full faith and credit
The state shall agree to meet the obligations of the board to beneficiaries if monies in the fund fail to offset the obligations of the board. If there is not enough money in the fund to pay the tuition and required fees of the institution of higher education in which a beneficiary enrolls as provided […]
§ 37-155-27. Severability
The provisions of this article are severable. If any part of this article is declared invalid or unconstitutional, such declaration shall not affect the part which remains.
§ 37-155-101. Short title
This article shall be known and may be cited as the “Mississippi Affordable College Savings Program.”
§ 37-155-103. Declaration of purpose
The following are the purposes of this article: To provide a program of savings trust agreements to apply distributions toward qualified higher education expenses at eligible educational institutions, as defined in Section 529 of the Internal Revenue Code, as amended, or other applicable federal law. To provide for the creation of a trust fund, as […]
§ 37-155-105. Definitions
As used in this article, the following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise: “MACS Program” means the Mississippi Affordable College Savings Program established under this article. “MACS Trust Fund” means a special fund in the State Treasury established under Section 37-155-111, and administered by the […]